Brent crude hits six-week high amid escalating Mideast conflict and transit threats

Direct hostilities between the US and Iran have significantly escalated, marked by confirmed US strikes on Iranian targets and Iranian threats of retaliatory infrastructure attacks. The situation is highly volatile, with both nations explicitly threatening civilian infrastructure and reports indicating twelve consecutive nights of reciprocal kinetic exchanges. Key uncertainties remain regarding the specific targets, tactical objectives, and the formalization of new rules of engagement.