Oil Prices Hit Five-Month High Amid Middle East Escalation Fears

LONDON - Global energy markets are gripping with uncertainty as oil prices hit their highest levels in more than five months.

Brent crude, the international benchmark, surged past $115 a barrel as fears of a fresh escalation in the Middle East conflict continue to grow. The spike follows reports of intercepted ballistic missiles and increased military posturing in critical oil-producing regions.

Financial analysts warn that sustained high energy costs could place immense pressure on global economies that are already battling sticky inflation rates.