Iran Conflict Drives Fuel Crisis

The closure of the Strait of Hormuz has sent crude oil prices soaring above $100 a barrel, impacting economies from Australia to the United Kingdom.

The International Energy Agency has urged nations to avoid export bans and hoarding as the supply shock threatens to drive up inflation and the cost of living.

In the U.S., gasoline prices have jumped by over a dollar, prompting some businesses to pass costs directly to consumers through surcharges.

Analysts warn that a prolonged conflict could further destabilize global markets and hinder humanitarian aid efforts.