Oil prices surge amid Hormuz crisis

The U.S.-Iran standoff has created an unprecedented shock to global energy flows, with Brent crude nearing $111 as traders react to President Trump's latest ultimatums.

OPEC+ has agreed to a symbolic production increase, but analysts warn this will do little to offset the loss of the world's most critical oil passage.

Countries like Vietnam and Australia are already reporting severe diesel shortages and spiking jet fuel costs.

The crisis is forcing a wave of energy rationing as the prospect of a long-term blockade looms over the global economy.