U.S.-Iran Tensions Rise, Oil Prices Jump

Crude oil futures climbed on Monday as renewed tensions between the United States and Iran raised fears of supply disruptions. The move pushed benchmark prices higher after weeks of relative calm in energy markets. The conflict rekindled after the U.S. accused Iran of attacking a commercial tanker in the Persian Gulf. Iran denied the claim. The incident marks the latest escalation in a long-running standoff between the two nations. Analysts say the market is reacting to the risk of a broader conflict that could block key shipping routes. The Strait of Hormuz, a narrow waterway, handles about one-fifth of the world’s oil supply. Any disruption there can quickly spike global prices. Traders are now watching for further diplomatic or military moves. For now, the rally reflects fear more than actual supply loss. But if tensions continue, higher fuel costs could follow.