Oil and energy prices have surged significantly, with Brent crude up 40% to $105.68, US diesel hitting record highs at $6.27 (up 68%), and natural gas prices in Europe and Asia reaching their highest levels in roughly two years amid supply disruptions and geopolitical tensions. The US Strategic Petroleum Reserve has fallen to its lowest level since 1982 at 285.4 million barrels, leaving limited buffer capacity.