Brent crude oil prices surge above $115 per barrel for first time since May 4

Brent crude oil: Brent crude is the internationally used benchmark for pricing oil produced in the Atlantic Basin and a reference for global energy markets. Its recent rally reflects heightened Middle East supply-disruption fears, including the Iran conflict, attacks on regional infrastructure and shipping, and declining inventories. {"Market drivers": "Recent reporting links elevated Brent prices to fears of disrupted Middle East supply, attacks on Gulf shipping and infrastructure, and falling crude inventories.", "Price outlook": "The U.S. Energy Information Administration raised its Brent forecast, citing depleted global stockpiles and tight diesel markets caused by the ongoing Iran war."}