Oil prices surged over 3 percent, with Brent Crude climbing over 107 dollars per barrel as markets braced for further volatility amid escalating geopolitical
tensions. US President Donald Trump rejected an Iranian peace proposal aimed at ending the conflict and signalled possible new Iran strikes before midterms; and Iran's Foreign Minister, Abbas Araghchi stated, "Iran is fully prepared for doomsday war." Global oil expert and CEO-Australia, Trading.com & Chief Strategist Asia-Pacific XM.com, Peter McGuire told Times Now Digital, "Brent climbs more than 3% in Asia trade and above 107 dollars per barrel as traders buckle up for more price volatility this week as fighting words from Iranian FM Araghchi reverberated across energy markets. The question remains whether this current situation has the legs to break the 110 dollars per barrel mark over the next few days and as we have seen from the beginning of this situation “expect the unexpected” and anything else related to this geopolitical crisis." About the impact on household budgets as a result of surging oil prices, Peter McGuire said "consumers are conscious of the cost impact to their household finances as not only is it more expensive at the pump but also more expensive for nearly every household item that is trafficked across the country." Analysts believe the sharp rise in crude oil prices could continue to add to inflationary pressures if elevated prices persist. Peter McGuire said markets should "expect the unexpected," and warned that Brent could test the $110 dollars per barrel mark in the coming days. Analysts also point to the broader impact on consumers, as higher fuel and transportation costs can continue to feed into the prices of goods moved across borders. A prolonged oil price surge could therefore put additional pressure on household budgets, particularly through higher energy, logistics and everyday consumption costs.
