The closure of the Strait of Hormuz and damage to key Middle Eastern energy facilities have pushed oil prices higher
Uncertainty across global financial markets continues as the war in the Middle East reached its 100-day mark on Sunday. Efforts to secure a lasting peace remain stalled.
Although a fragile ceasefire between the United States and Iran has kept diplomatic talks alive, negotiations have made little progress, and periodic military action continues.
The closure of the Strait of Hormuz and damage to key Middle Eastern energy facilities have pushed oil prices higher. Brent crude remains about 36% above pre-war levels, while US crude is nearly 50% up.
Rising energy expenses are adding upward pressure to consumer prices. US consumer inflation rose to 3.8% in April, its highest level in almost three years.
Meanwhile, Iran fired missiles at Israel on Sunday, prompting retaliatory strikes from Israeli forces and raising concerns about the stability of the US-Iran ceasefire.
President Donald Trump urged Israeli Prime Minister Benjamin Netanyahu to avoid further retaliation and give diplomacy more time as both sides seek to prevent a broader regional escalation.