Oil Prices Spike as US and Iran Both Claim Control of Strait of Hormuz

Tensions are rising over the Strait of Hormuz, a vital shipping route for global oil, as the United States and Iran each assert control of the waterway. Recent attacks in the region have escalated, pushing crude prices higher in several countries. The strait, a narrow passage between the Persian Gulf and the Gulf of Oman, is a key chokepoint for oil tankers. Both nations have increased military presence, raising fears of supply disruptions. So far, no single authority has emerged to de-escalate the standoff, leaving markets on edge.