Brent crude tops $96 a barrel

The breach of $96 signals that supply-side anxiety is now the dominant pricing factor, not just a blip. This directly raises input costs for global logistics and energy-intensive industries, which could feed into inflation readings and central bank policy calculus. The key question is whether geopolitical risks escalate further or if demand destruction starts to cap the upside. Watch for how tightly the market prices in disruption versus actual physical shortages, as that gap will drive the next leg of volatility.