Global oil prices surged past $100 a barrel after US President Donald Trump threatened to blockade all ships entering or leaving the Strait of Hormuz, raising concerns over major disruptions to global energy supply.
Brent crude rose around 8% to about $102 per barrel, while US crude climbed to $104, as markets reacted to the potential escalation. The move also rattled financial markets, with US stock futures falling amid fears of prolonged instability. The Strait of Hormuz remains a critical route for global oil shipments, and any restriction threatens to tighten supply and push prices higher worldwide.
Analysts warn that the blockade could further fuel inflation, driving up fuel and food costs as supply chains face additional strain. Iran, which has continued exporting oil and collecting high transit tolls during the conflict, warned that any military presence near the strait would face a strong response.
With ceasefire talks still uncertain, experts say oil prices could remain volatile for an extended period, adding pressure on global economies and consumers alike.
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