Brent crude surged 3% to $108 a barrel for July delivery, while West Texas Intermediate topped $103. The price jump reflects ongoing turmoil in the Strait of Hormuz, a chokepoint that moves roughly 20% of global oil. Higher crude costs have pushed U.S. gasoline to a fresh post‑war peak of $4.23 a gallon, a 42% increase since the conflict began.

Analysts at Bank of America warn that rising pump prices are straining household budgets, especially for low‑income families. Credit‑card data shows a 16.5% jump in fuel spending from February to March. Although savings rates remain elevated and tax refunds could cushion bills for a few months, borrowing may become a stopgap for many drivers.

Equity markets stay resilient despite the energy shock. The S&P 500 futures point to little change as earnings from major U.S. corporations keep the index near record levels. European stocks slipped modestly, while Asian markets posted mixed results, underscoring the divergent impact of oil volatility on regional economies.