Oil prices jump as US and Iran trade attacks over Strait of Hormuz

Oil prices have surged by over 4% due to escalating tensions between the US and Iran over control of the Strait of Hormuz, a critical global shipping route for oil. This clash underscores the waterway's strategic importance, as it handles about a third of the world's traded oil. The price jump highlights how geopolitical conflicts can quickly ripple through global markets, affecting everything from fuel costs to economic stability. This situation serves as a stark reminder of the vulnerability of global supply chains to political strife.