Iran Attacks Ships: Oil Prices Surge Amid Tensions

Iran has fired on multiple ships in the crucial Strait of Hormuz, escalating tensions in the region. This attack comes just after President Trump extended a ceasefire agreement indefinitely. As a result, oil prices are surging. Brent crude is up over 3%, reaching around $102 a barrel, while West Texas Intermediate has jumped more than 4% to over $93. Before the conflict, 20 million barrels of oil flowed daily through the Strait, but that's now reduced to a trickle. The closure costs the world between 10 and 15 million barrels daily. If hostilities continue, oil stocks could see significant gains, with Chevron and ConocoPhillips already up 22% and 31% this year. Here's the thing: if the conflict reignites, analysts predict oil prices could remain high, impacting both energy markets and the global economy. The longer the Strait stays closed, the more severe the consequences will be for everyone who relies on oil.