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

Oil prices have surged past $100 per barrel for the first time in over three years amid the ongoing conflict involving the US, Israel, and Iran. The war has disrupted production and shipping through the strategic Strait of Hormuz, which handles about 20% of global oil trade, leading to supply concerns and production cuts by Gulf countries. Brent crude and West Texas Intermediate prices have risen sharply, with some analysts warning prices could reach $150 per barrel if the conflict persists. Despite the global price spike, petrol and diesel prices in major Indian cities have remained unchanged. The conflict has also triggered market volatility, including a stronger US dollar and falling stock futures, reflecting fears of prolonged supply disruptions and economic impact.