
Oil Prices Surge: Iran Restricts Strait of Hormuz Access
Global oil prices surged on Sunday after Iran reportedly restricted passage through the Strait of Hormuz, a vital waterway for a significant portion of the world's crude oil. Brent crude rose by about 7% to $96.88, mirroring a 7% jump in US crude prices. Tensions escalated after Iran announced the closure, citing alleged breaches of trust by the U.S., leading to reports of naval confrontations. Diplomatic efforts are ongoing, with a U.S. delegation heading to Pakistan for peace talks with Iran. Despite the volatility, the U.S. Energy Secretary cautioned that domestic gas prices may remain elevated for the coming year.






















