Oil Prices Spike Amid U.S.-Iran Standoff in Strait of Hormuz
Oil prices have surged following a standoff between the U.S. and Iran in the Strait of Hormuz, a crucial passage for global oil shipments. The U.S. crude oil price rose by 6.4%, while Brent crude increased by 5.8%. This comes after Iran reversed its decision to reopen the strait, following U.S. military actions. The ongoing conflict has led to one of the worst global energy crises in decades, with significant impacts on countries dependent on Gulf oil. 
