Global oil markets are on high alert as Brent crude prices surge in response to a major escalation in the conflict between the US and Iran. Tehran has announced that the Strait of Hormuz, a critical waterway through which approximately 20% of the world's oil supply passes, will not be reopened without significant concessions from the US. The move has sparked fears of a potential oil shortage and a sharp increase in prices, which could have far-reaching consequences for the global economy. As tensions between the two nations continue to escalate, investors are bracing for a potential oil price shock that could have significant implications for consumers and businesses worldwide.
Brent crude prices rise as Tehran says critical waterway will not reopen without major US concessions.
