Brent Crude Briefly Tops $119 per Barrel; Markets Plunge

Brent crude oil surged to $119.50 per barrel — the highest since Russia's 2022 invasion of Ukraine — before settling at $112.98 as fears of supply disruptions intensified. Global stock markets plunged. U.S. national gasoline prices reached approximately $3.45 per gallon. The VIX volatility index remained highly elevated. Trump characterized the energy price spike as 'a small price to pay' to eliminate Iran's nuclear threat.