Brent crude is back above $116, the highest since late April. Energy is retaking the inflation narrative, and that keeps pressure on rates and consumer margins until crude rolls over.

What happened: Brent crude rose above $116 a barrel, its highest level since late April, as Middle East conflict continued and markets weighed oil prices and AI spending concerns. Key numbers: Brent December contract up more than 3 percent to $116.72. WTI up 3.8 percent to $103.27. Dow down 1.2 percent, Nasdaq down 0.2 percent. Kering fell more than 16 percent. Why it matters: Analysts cited escalating Ukraine tensions and winter energy demand as added upward pressure on oil and gas prices, while investors grew more leery of expensive data center capital spending. Coverage: 3 outlets in 24h

Brent crude rose above $116 a barrel, its highest level since late April, as Middle East conflict continued and markets weighed oil prices and AI spending concerns.

Analysts cited escalating Ukraine tensions and winter energy demand as added upward pressure on oil and gas prices, while investors grew more leery of expensive data center capital spending.