Trump and Israel Strike Iran Spurring Global Oil Price Escalation

Donald Trump announced joint US and Israeli airstrikes against Iran to prevent the development of nuclear weapons, triggering an immediate surge in global oil prices.Iran responded by declaring the strategic Strait of Hormuz de facto closed due to military activity, a claim that the UKMTO has not yet independently verified.The US Maritime Administration warned commercial vessels to avoid the Persian Gulf and Arabian Sea as tensions escalate throughout the Middle Eastern region.Analysts warn that a prolonged blockade of the waterway could push crude prices above $100 while OPEC+ evaluates production levels to mitigate global inflation.