Oil Prices Surge Above $100 Amid Iran Conflict and Strait of Hormuz Disruptions

Oil prices surged past $100 per barrel for the first time since 2022 amid escalating conflict involving the US, Israel, and Iran. The war disrupted production and shipping through the Strait of Hormuz, a critical route for about 20% of global oil supply, leading to significant supply concerns. Brent crude briefly exceeded $114, with West Texas Intermediate reaching similar levels. The spike has triggered market volatility, higher fuel costs, and fears of inflation and economic slowdown worldwide. Analysts warn prices could rise further if disruptions persist.