Oil prices surge past $100 as conflict with Iran disrupts global supply

Oil prices have surged past $100 a barrel, with some reports showing them climbing above $115, due to a conflict involving Iran. The fighting has disrupted oil production and exports, particularly affecting key shipping routes like the Strait of Hormuz. This has led to a sharp increase in energy prices globally, with gasoline prices in places like California rising above $5 a gallon.

Analysts from groups like PIMCO and CSIS are examining the market's volatility and what might happen next, as prices swing wildly. The conflict has impeded production and shipping in the region, closing some of the world's major energy terminals. This has caused investors to doubt a quick resolution and contributed to instability in stock markets.

The situation is ongoing, with energy prices reaching levels not seen in years. The market continues to react to developments in the conflict, with no immediate end to the supply disruptions in sight.