Oil Prices Surge as U.S. and Iran Clash in Strait of Hormuz
Oil prices have surged following military clashes between the United States and Iran in the Strait of Hormuz, a critical waterway for global oil and gas supplies. The U.S. Central Command reported launching strikes on Iran after U.S. Navy destroyers were attacked by Iranian forces. Despite a ceasefire announced in April, tensions have escalated, affecting oil futures, with Brent crude rising significantly during trading. The situation has led to a near standstill in shipping through the strait, impacting global energy markets. 
