Oil prices surge more than 3% as US-Iran strikes fuel Hormuz fear

Oil prices jumped over 3% due to heightened tensions following recent US-Iran strikes that have stirred fears about the Strait of Hormuz, a crucial passageway for global oil shipments. The US Central Command confirmed that these strikes targeted numerous Iranian assets, underscoring the geopolitical stakes. The surge in oil prices highlights the potential economic ripple effects from military confrontations in this strategically significant region, affecting global markets and energy security. This situation underscores the delicate balance of power in the Middle East and its far-reaching implications for international trade.