"Middle East Crisis Drives Oil Prices to Yearly Highs"

Crude oil prices surged to their highest levels since October, with WTI crude briefly surpassing $85 per barrel and Brent crude rising above $88 per barrel. This rise is attributed to tensions in the Middle East, drone attacks on Russian refineries, and expectations of OPEC+ maintaining production cuts. Analysts predict Brent crude reaching $100 per barrel by September, with energy stocks outperforming the S&P 500 amid the broader stock market sell-off. The energy sector's 14% gain this year surpasses the S&P 500's 9% increase, with oil- and gas-related equities leading the S&P 500 last month.