Brent crude oil prices have surged to $115.06 amid rising geopolitical tensions, particularly the ongoing conflict between the U.S. and Iran. This situation has caused significant volatility in the oil market, with WTI crude oil prices also climbing to $107.52. The surge follows a sharp decline in U.S. crude inventories, which fell by 6.2 million barrels to 459.5 million barrels, indicating a tighter supply and heightened demand due to the conflict. The closure of the Strait of Hormuz, a critical transit route for global oil, has exacerbated fears of supply disruptions, pushing prices higher. Additionally, the UAE's recent decision to exit OPEC has weakened the collective management of oil supply, further contributing to market instability. As oil prices rise, the impact is felt beyond energy markets, driving up gasoline prices and increasing transportation costs, which in turn feeds into inflation across various sectors. The future trajectory of oil prices is now closely tied to geopolitical developments, with analysts suggesting that if tensions escalate, prices could reach $140 or even $150 per barrel. Conversely, easing tensions could lead to a sharp decline in prices as the risk premium unwinds.