Oil

Oil prices have surged, with US crude futures ending the week above $90 a barrel, marking the biggest weekly percentage gain on record. Continued attacks and the potential closure of the Strait of Hormuz could push oil towards $108 per barrel.

Oil prices have been highly volatile, briefly shooting up to $120 a barrel before settling around $90. Iran's military command has warned of prices reaching $200 a barrel due to regional instability and the blockade of the Strait of Hormuz.

Global oil prices have surged to highs not seen since 2022 due to the disruption of shipping in the Gulf and Strait of Hormuz, directly impacting the supply and cost of this critical commodity.

Global oil shipments through the Strait of Hormuz have been effectively halted due to the conflict between Iran and the United States. Middle East oil producers have stopped pumping due to a lack of storage, indicating a significant disruption to the global oil supply.

Oil prices have surged by about 9% to $100 a barrel due to the disruption of global energy supplies, particularly the threatened closure of the Strait of Hormuz. This increase benefits the United States as a major oil producer but creates economic shock globally.