Oil Prices Hit Highest Since July 2022 Amid Middle East Tensions

Oil prices closed at their highest level in nearly four years, with Brent crude futures for May settling at $112.19 per barrel, an increase of 3.26%. U.S. crude oil rose by 2.27% to $98.32 per barrel. The escalation of military threats between the U.S. and Iran, particularly regarding the Strait of Hormuz, has created uncertainty in the markets. The International Energy Agency stated that restoring oil supplies could take up to six months, leading to potential long-term impacts on oil prices and global supply.