Oil prices surged Tuesday as Middle East tensions escalated. US President Trump issued a stern warning to Iran regarding the Strait of Hormuz, which Iran has effectively closed. Disruptions to this vital shipping lane are impacting global crude markets, with refiners scrambling for alternatives. Regional conflicts also continue to fuel instability. Oil prices surged Tuesday as Middle East tensions escalated. US President Trump issued a stern warning to Iran regarding the Strait of Hormuz, which Iran has effectively closed. Disruptions to this vital shipping lane are impacting global crude markets, with refiners scrambling for alternatives. Regional conflicts also continue to fuel instability.
