Escalating attacks by Iran on commercial shipping in the Strait of Hormuz have significantly disrupted global oil supply, pushing Brent crude prices past $100 a barrel.In response to the supply crunch, the US Treasury has temporarily lifted sanctions on Russian oil already in transit to ease market pressures, though Russia continues to export via a shadow fleet.The conflict has claimed thousands of lives, with Iran's new supreme leader vowing to keep the strait closed, while President Donald Trump warns of further US military action.The US has also implemented measures such as
Jones Act waivers and Strategic Petroleum Reserve releases, alongside warnings from analysts about potential price surges and domestic security concerns.