Oil Prices Surge After Ships Attacked Near Strait of Hormuz as Iran War Threatens Global Energy Supply

Oil prices surged after ships were attacked near the Strait of Hormuz — the narrow waterway through which roughly one-fifth of the world's daily oil supply passes — as the Iran conflict begins to ripple through global energy markets. Experts warn that a prolonged conflict could push prices far higher, particularly if Iran follows through on its threat to close the strait entirely. The energy shock arrives at a uniquely vulnerable moment for the global economy: inflation had just begun to cool, mortgage rates had dipped below 6% for the first time since 2022, and the Supreme Court's tariff ruling had created a fleeting window of economic optimism. A sustained disruption to Gulf oil flows would reverse those gains and could trigger the most severe energy crisis since the 1973 oil embargo, hitting consumers and businesses worldwide.