Oil prices surged past the $100 per barrel mark today after the United States announced a naval blockade of Iranian ports, escalating tensions in the Strait of Hormuz.
West Texas Intermediate (WTI) crude jumped nearly 8 per cent to $104.24 per barrel, while Brent crude climbed 7 per cent to $102.29 per barrel, sparking concerns over global supply disruptions.
The blockade of Iranian ports has raised fears of restricted tanker movement through the Strait of Hormuz, a critical waterway that handles nearly 20 per cent of global oil supply.
Analysts warned that the sharp rise in crude prices could push up fuel costs worldwide, intensify inflationary pressures, and strain emerging economies dependent on oil imports.
Markets remain volatile, with traders closely monitoring U.S.–Iran developments and potential policy responses to the escalating geopolitical crisis.
