Oil Surges Above $100 as US-Iran Attacks Escalate

Oil prices have surged above $100 a barrel as the United States and Iran launch new attacks, escalating a tanker war in the Middle East. The conflict has disrupted energy supplies, with the IEA reporting that global coal demand is set to hit a record high as the war chokes LNG supply. Iran has also suspended freight charges on foreign vessels carrying energy products to and from the country. The situation threatens deeper supply disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments.