Brent oil started the week more than 3% higher, trading above $115, and remainig at its highest level since July 2022 when Russia’s invasion of Ukraine disrupted energy markets. As the war in Iran entered its fifth week, investors grew increasingly doubtful about the prospects for a swift resolution, particularly after Iran-backed Houthi militants in Yemen joined the conflict and additional US troops were deployed to the region. Brent prices remain up roughly 50% since the conflict began, as Tehran effectively closed the narrow waterway through which about a fifth of global energy flows.