Oil prices have surged to their highest levels in six weeks following tensions in the Middle East, where a confrontation between the U.S. and Iran has led to disruptions in shipping through the strategically vital Strait of Hormuz. The waterway, a key chokepoint for global oil trade, accounts for roughly a fifth of the world’s seaborne crude exports, raising concerns over potential supply shortages. Analysts warn that even minor delays could tighten markets further, pushing prices upward as traders brace for prolonged uncertainty. The escalation underscores the fragile balance of energy markets amid long-standing regional conflicts.
Oil prices spike to six-week highs as US-Iran strikes disrupt traffic in the crucial Strait of Hormuz.
