Oil Prices Soar Amid Escalating Tensions in the Middle East The sudden jump in oil prices is a stark reminder that the Strait of Hormuz remains under threat from Iran and its proxies.
Crude prices surged more than 6% on Wednesday after President Trump warned that the US would hit Iran hard in retaliation for an attempted surprise attack on American forces.
This escalation comes as no surprise to those who have followed the complex relationship between the US, Saudi Arabia, and Iran.