Crude Surges Past $95/bbl as U.S.–Iran Conflict Threatens Strait of Hormuz Transit

Crude oil benchmarks have rallied sharply—with Brent topping $96 and WTI pushing past $91—driven by a severe military escalation between the U.S. and Iran.
The friction centers on heightened risks to shipping through the Strait of Hormuz following retaliatory strikes and a drop in vessel transit volumes. The supply shock, compounded by declining U.S. crude inventories, threatens to reintroduce energy-driven inflationary pressures just as central banks attempt to navigate sticky long-term yields.