Oil Prices Spike Amid Iran Strait Closure Fears

Oil Prices Spike Amid Iran Strait Closure

Iran's Revolutionary Guard has reportedly closed the Strait of Hormuz, causing global oil prices to spike as markets fear significant supply disruptions. US President Donald Trump confirmed that military operations in Iran will continue until all US objectives are met. The closure of the strategic waterway impacts over a third of the world's seaborne oil exports, primarily heading to China, India, Japan, and South Korea. Experts warn that Brent crude could surpass $100 per barrel due to the heightened tensions.