📈 Global Oil Surges to $104 as Iran War Drags; Wall Street Hits Records

• Overall Oil Figures: The price of Brent crude oil rose by 2.9% to settle at US$ 104.21 per barrel following US rejection of Iran's latest ceasefire proposal. The prolonged conflict has driven Brent up from approximately US$ 70, causing global inflationary pressure due to the closure of the Strait of Hormuz. • Global Market Impact: • Despite rising energy costs, US stock markets achieved fresh record highs driven by strong corporate earnings and economic resilience. • The S&P 500 rose 0.2%, the Dow Jones gained 95 points (0.2%), and the Nasdaq composite added 0.1%. • Sector & Supply Chain Impact: • High oil prices and logistics snarls from the Persian Gulf blockade are driving up raw material costs globally. • Fertilizer manufacturer Mosaic reported weaker-than-expected quarterly results, with its stock falling 1.8% due to surging costs for sulfur and other inputs despite higher finished product prices. _Note: Sri Lanka's economy remains highly sensitive to these global energy shocks and shipping disruptions, which directly impact national inflation and import costs._