Oil prices surge and become volatile after war in Iran

Oil prices have risen sharply and become much more volatile following the outbreak of war in Iran. This has created a 'war premium' that is benefiting some producers, like Canada, while stressing refiners and contributing to higher prices in places like California.

The price surge is putting pressure on the stock market and is challenging previous assumptions about a global oil surplus. The situation has created a crisis in global energy markets, disrupting supply chains.