Oil Prices Soar to Four-Year High Amid Escalating Iran War, Iraq Force Majeure

• Oil prices reached a nearly four-year high, with Brent futures settling at $112.19 a barrel, highest since July 2022.
• The surge is attributed to the escalating Iran war, Iraq declaring force majeure on oilfields, and increased U.S. military deployment to the Middle East.
• Attacks on key energy infrastructure in Iran and strikes by Iran on neighbors like Saudi Arabia, Qatar, and Kuwait are ongoing.
• Analysts warn of prolonged supply disruptions, especially if the Strait of Hormuz remains affected, through which 20% of global oil and LNG transits.
• U.S. President Trump stated no leaders are left in Iran for talks, while U.S. officials consider releasing oil from the Strategic Petroleum Reserve.