U.S. oil prices top $116 a barrel after reports that Iran’s Kharg Island is targeted with multiple strikes

U.S. oil prices surged above $116 per barrel following unconfirmed reports of missile strikes on Iran's Kharg Island, a crucial oil export terminal. This geopolitical escalation in the Middle East immediately heightened supply disruption fears in an already tight global crude market. Investors should monitor the veracity of these reports and any official responses, as sustained conflict could further fuel inflation and impact corporate earnings across energy-sensitive sectors.