India, Oct. 25 -- Brent crude prices have climbed above $117 a barrel for the first time in six months as fears of renewed US-Israeli military strikes on Iran intensify concerns about global oil supplies. The rally is also raising the risk of renewed inflation, putting pressure on financial markets and energy-importing economies.

In New York trading on October 23, the December Brent contract rose as much as 3.8% to $117.45 a barrel before settling at $116.72. It was the first time the benchmark had crossed $117 since April. US West Texas Intermediate (WTI) crude also advanced more than 3%, reaching an intraday high of $103.30.

Brent has gained more than 10% this month and over 85% since the beginning of 2026. Prices for later deliveries...