Mideast Tensions Ignite Oil Price Spike

Oil Prices Surge Amid Iran War Global oil prices increased significantly on Thursday, with Brent crude briefly exceeding $126 per barrel, marking a four-year high. This surge occurred as stalled negotiations between the United States and Iran raised concerns regarding the potential reopening of the Strait of Hormuz and the conflict's resolution. The ongoing military operations have already cost U.S. taxpayers approximately $25 billion, according to Pentagon officials.

U.S. Secretary of Defense Pete Hegseth is scheduled for a second day of questioning by lawmakers on Capitol Hill, following his refusal on Wednesday to provide details on the war's potential duration or cost. Concurrently, President Trump is expected to review plans for potential new strikes against Iran. Iran's president has stated that the U.S. blockade of its ports and ships will fail, while President Trump maintains the maneuver will compel Iran to accept peace terms.

In Lebanon, the public health ministry reported on Thursday that Israeli military operations have resulted in 2,586 fatalities and at least 8,020 injuries over nearly two months. These operations escalated in response to Hezbollah's rocket and drone attacks on northern Israel, which followed U.S.-Israeli strikes on Iran that commenced on February 28.

Israel has issued evacuation orders to civilians in 15 additional southern Lebanese villages, urging them to move north to avoid ongoing strikes against Hezbollah targets.