Oil prices jump as Iran tensions block key shipping route

Oil prices surged after tanker traffic through the Strait of Hormuz, a crucial waterway for global energy shipments, ground to a halt. The disruption is linked to heightened tensions involving Iran.

Trump predicted oil prices would fall once the situation in Iran is resolved. An expert from OAPEC, an Arab petroleum organization, highlighted the Strait of Hormuz as the most dangerous current challenge for the regional gas market.