Global oil markets are on high alert as tensions escalate between the United States and Iran over control of the strategic Strait of Hormuz, a critical waterway that connects the Persian Gulf to the Gulf of Oman. Brent crude futures surged by over 4 percent in response to the rising tensions, as investors worry that a potential conflict could disrupt oil supplies and send prices soaring. The Strait of Hormuz is a key shipping route, through which nearly a third of the world's seaborne oil exports pass, making it a vital chokepoint in the global energy supply chain. As Washington and Tehran engage in a war of words, the oil market is bracing for the worst-case scenario, with analysts warning of potentially catastrophic consequences for the global economy.
Brent crude climbs more than 4 percent as Washington and Tehran clash over control of critical waterway.
