Iran-Israel conflict escalates, threatens global oil prices
Israel launched strikes on Iran, prompting Iranian retaliation across the Middle East. Tehran fired missiles at Israel and Gulf states, while throttling traffic through the Strait of Hormuz, a vital oil transit route. The International Energy Agency reports 11 million barrels of oil lost daily—more than during the 1970s oil crises. Oil prices surged above $100/barrel as Asian stocks fell. US President Trump threatened to destroy Iranian power plants if the Strait reopens within 48 hours, while Iran vowed to target vital infrastructure globally. The conflict has already damaged 40 energy assets in the region.