Oil Prices Surge Amid Iranian Demands Over Strait of Hormuz
Oil prices have risen as Iran demands major concessions from the United States to reopen the Strait of Hormuz, a critical waterway for global oil supply. Brent crude, the international benchmark, increased by over 1% as Tehran's stance heightened market anxiety. The strait, a conduit for about one-fifth of global oil supplies, has seen a significant reduction in shipping since the conflict began in February. Iran's conditions include easing sanctions and paying war reparations. The situation has led to the largest energy disruption in recorded history, with only a fraction of the usual vessel transits occurring. 
