Oil prices climb to six-week high as hopes of de-escalation in Iran diminish

Oil prices surged to a six-week high, driven by escalating tensions in Iran as attacks continued for an 11th night. The rise in West Texas Intermediate and Brent crude prices indicates growing concerns over potential disruptions in global oil supplies. This shift matters because oil prices heavily influence economic conditions worldwide, from inflation rates to consumer costs. The diminishing hopes for de-escalation could further heighten market volatility, impacting everything from airline ticket prices to everyday goods.