📈 Global Oil Shock: Brent Crude Surges Past $112

• Market Movements • Brent crude futures jumped +3.1% to US$ 112.20/bbl. • U.S. West Texas Intermediate (WTI) rose +2.79% to US$ 99.86/bbl. • Triggered by reports of potential renewed U.S.-Israel military strikes on Iran. • Geopolitical & Supply Risks • U.S. ordered departure of non-emergency government personnel from Saudi Arabia citing escalation risks. • Escalating tension poses elevated risk to global energy supply and import bills for petroleum-dependent economies like Sri Lanka. • Economic Resilience Outlook • Macro impact may be less severe than historical shocks as households are less sensitive to energy costs. • Gasoline spending accounts for ~2.5% of U.S. household disposable income today vs. ~5% a decade ago.