Brent crude touched $106 a barrel on Monday, hovering near its daily peak as the third week of the U.S.–Israeli conflict with Iran drags on. Traders cite the risk of supply disruptions to push global inflation higher. West Texas Intermediate rose to around $100 a barrel, marking a 9% weekly gain after settling at $103.14 on Friday.

Shipping through the Strait of Hormuz has effectively stalled, leaving tankers stranded as vessels face attack threats. The narrow channel normally moves roughly one‑fifth of the world’s oil, so any interruption amplifies price pressure. Analysts watch the waterway closely, fearing that prolonged closure could tighten global supplies further.

Equity markets reacted unevenly. Japan’s benchmark slipped over 3%, while South Korea and Hong Kong posted modest gains. In the United States, S&P 500 futures pointed to a 0.6% rise ahead of the opening, after the index fell 1.6% for a third consecutive week. Europe’s Stoxx 600 nudged lower, down 0.5%.

Fuel costs surged as gasoline climbed to a national average of $3.72 per gallon, a 25% jump since hostilities began. Diesel rose even faster, reaching $4.99 and up 33% over the same period. The lag between crude and pump prices means motorists feel the pinch days after oil spikes.