Oil prices surge amid Iran conflict

The breakdown of diplomatic efforts to end the war in Iran has sent shockwaves through global oil and gas markets.

Prices for crude and diesel have spiked as traders react to the prospect of a U.S. naval blockade of the Strait of Hormuz, a critical chokepoint for global energy flows.

Shipping data reveals that multiple supertankers have abandoned their routes into the Persian Gulf, citing security concerns and the threat of interdiction.

Economists warn that the resulting inflationary pressure could trigger a return to 1970s-style stagflation, complicating the task for central banks worldwide.