Global oil prices surged past $100 a barrel as Iran maintained its closure of the Strait of Hormuz, threatening further supply disruptions and sparking warnings of prices potentially reaching $200 per barrel.The International Energy Agency coordinated a record 400 million-barrel drawdown of global reserves, with significant contributions from the USA, to stabilize markets amidst the ongoing crisis.US Navy escorts for commercial tankers through the Strait are now anticipated by the end of March, while the White House is exploring a temporary waiver of the Jones Act to permit foreign vessels to carry fuel between US ports.Analysts caution that the prolonged closure of this vital chokepoint will likely lead to sustained price increases for oil, fertilizer, and various consumer goods, impacting global economies for months to come.