Oil prices surge to record monthly highs as Middle East war strains supply

Global oil prices are climbing sharply and are on track for their biggest monthly gain ever. The main driver is the war in the Middle East, which is disrupting supply and raising fears of a wider regional conflict that could squeeze the market further.

This price spike is hitting consumers worldwide through higher fuel costs. In response, some governments, like Australia, are cutting fuel taxes to provide relief. The situation is also causing stock markets in Asia to fall as investors worry about the impact of expensive oil on fragile economic growth.