Global Oil Price Surge

The re-imposition of a blockade on the Strait of Hormuz by Iran has sent shockwaves through global energy markets.

West Texas Intermediate and Brent crude have seen dramatic gains as tankers face gunfire and seizures in the Persian Gulf.

U.S. Energy Secretary Chris Wright cautioned that while prices may have peaked, they are unlikely to drop significantly before the next year.

This volatility is complicating fiscal planning for nations worldwide and fueling inflationary pressures across the global economy.