Iran War Triggers Global Oil Shock

The ongoing conflict has effectively closed the Strait of Hormuz, a vital chokepoint for the world's oil supply, leading to widespread shortages.

In the U.S., the national average for gasoline has topped $4 a gallon, while UK motorists face record-high diesel prices.

Energy producers are reporting record profits as ordinary households struggle with soaring utility bills.

International leaders are meeting to discuss strategies for reopening the waterway as the economic fallout threatens a global recession.