Oil prices spike as Iran threatens Hormuz closure over Israeli strikes

Global oil prices surged over 3.5% on Thursday as tensions escalated following Israeli airstrikes on Lebanon. Tehran issued stern warnings, calling the attacks a violation of the fragile US-Iran ceasefire and suggesting it might shut down the Strait of Hormuz, a critical artery for global energy trade. The ceasefire agreement had briefly calmed markets, but this latest development throws the truce—and fuel costs—into jeopardy. The Strait of Hormuz is vital for the shipment of oil and gas, and Ir