Oil Prices Surge on Hormuz Standoff

Brent crude futures jumped more than 5% following a turbulent weekend that saw Iranian forces firing upon commercial ships attempting to transit the vital energy corridor.

Energy Secretary Chris Wright has warned that domestic gas prices may not fall below $4 per gallon until 2027, even if a peace deal is eventually reached.

The ongoing blockade has forced major shipping lines to seek alternative routes, significantly increasing transportation costs and disrupting global supply chains.

Markets remain volatile as traders weigh the conflicting signals coming from Washington and Tehran regarding the future of the regional ceasefire.