Oil hits $87 per barrel again after latest U.S. strikes on Iran, looming blockade

Oil prices have spiked to over $87 per barrel as tensions escalate following the latest U.S. military strikes on Iran, which have heightened fears of a potential blockade in the Strait of Hormuz. Brent crude has seen a second consecutive day of increases, while U.S. crude has breached the $80 mark. This surge is significant because it underscores the fragile nature of global oil supplies and the impact geopolitical conflicts can have on energy markets. The situation matters as it affects everything from fuel costs to the broader economy, highlighting the vulnerability of international trade routes.