Oil prices surge above $100 as Iran tensions threaten Strait of Hormuz shipping

Brent crude oil has again surpassed $100 a barrel after Iran attacked ships in the Gulf region and its new supreme leader vowed to keep the Strait of Hormuz shut, worsening global supply concerns. The International Energy Agency (IEA) plans to release 400 million barrels of oil to combat the price spike, while Israeli Prime Minister Netanyahu issued a threat in response. The situation has reduced expectations for central bank interest rate cuts due to the energy-driven inflation pressure.