Oil Prices Surge Amid Conflict

The energy market is facing fresh volatility as the vital Strait of Hormuz shipping lane remains effectively closed to commercial traffic.

Crude oil prices surged following reports of the U.S. Navy seizing an Iranian vessel and Tehran's subsequent refusal to attend peace talks in Pakistan.

Financial analysts warn that the continued disruption of one-fifth of the world's oil supply could lead to persistent inflation and stagflation.

While stock futures have slipped in response to the renewed conflict, energy sector experts predict that gas prices may not return to pre-war levels for over a year.