Oil Prices Rise as US-Iran Cease-Fire Falters, Inflation Hits 3.8%

Oil prices climbed 2% as a fragile U.S.-Iran cease-fire showed signs of collapse, with Brent crude reaching $105 per barrel. U.S. inflation jumped to 3.8% in April, driven by rising petrol costs from the ongoing conflict. The EIA warned that prolonged war in Iran could drain global oil stocks faster than expected.