Oil prices surge as much as 5% after Iran declares Strait of Hormuz is closed

Oil prices have jumped significantly, surging up to 5%, following Iran's announcement that it has closed the Strait of Hormuz, a critical shipping route for global oil. This escalation comes amid ongoing tensions between the U.S. and Iran, which have been exchanging attacks. The Strait of Hormuz is vital for the transportation of oil, and its closure has immediate implications for global energy markets, potentially leading to higher fuel costs worldwide. The situation underscores the fragile balance of power in the region and the far-reaching effects of geopolitical conflicts on global supply chains.