Oil Prices Surge Past $114 on Iran Conflict and Supply Fears

Oil prices have jumped above $114 a barrel, with Brent crude topping $115, as markets brace for prolonged disruption from the Iran conflict. The price surge is driven by stalled peace talks, an extended blockade in the Strait of Hormuz, and rising Treasury yields due to inflation fears. TotalEnergies has boosted shareholder returns as higher oil prices boost its earnings, while the Japanese tanker Idemitsu Maru made its first passage through Hormuz carrying 2 million barrels of oil to Nagoya.