Oil prices surge as US-Iran standoff threatens Strait of Hormuz blockage

Global oil markets are spiraling as tensions intensify over Iran’s blockade of the Strait of Hormuz. The head of the International Energy Agency has called this crisis more severe than the oil shocks of 1973, 1979, and the fallout from Russia's invasion of Ukraine combined. Oil prices briefly surged above $110 a barrel on Tuesday, as investors braced for potential U.S. military strikes and an uncertain endgame. U.S. President Donald Trump has issued an ultimatum, demanding Iran reopen the vital