Oil Prices Surge Amid US-Iran Tensions in Strait of Hormuz
Oil prices have risen sharply due to a standoff between the U.S. and Iran in the Strait of Hormuz, a critical passage for global energy supplies. The price of U.S. crude oil increased by 6.4%, while Brent crude rose by 5.8%. The escalation follows Iran's reversal of its decision to reopen the strait, after President Trump announced a U.S. Navy blockade would continue. The ongoing conflict, now in its eighth week, has disrupted oil shipments, contributing to one of the worst global energy crises in decades. Countries reliant on Gulf oil imports are experiencing significant impacts, with rising fuel prices affecting businesses and consumers worldwide. 
