
Oil Prices Surge as Iran Threatens Strait of Hormuz Closure
Global oil prices rose on Sunday after an Iranian official warned that the Strait of Hormuz would not revert to its former operational status. Iranian President Masoud Pezeshkian accused the United States of undermining trust, following a recent closure of the strait. Market benchmarks, including Brent and US crude, saw notable increases. The escalating geopolitical tensions have stalled peace negotiations, contributing to higher global gasoline prices, which reached an average of $4.10 per gallon on Sunday.






















