Oil prices fluctuate as Iran controls key shipping lane

Oil prices have been moving up and down around $100 a barrel. This is happening because Iran has tightened its control over the Strait of Hormuz, a narrow waterway crucial for global oil shipments. The situation has created uncertainty about how easily tankers can pass through.

Despite the tensions, one India-bound tanker successfully crossed the strait, and the Indian government says its crude oil supply is secure. Meanwhile, reports indicate Iran itself is exporting more oil now than before the recent conflict, even as a major Saudi shipping company is buying more ships to find alternative routes.