Oil Prices Surge Past $100

Crude oil prices spiked by over 7% as markets reopened Sunday evening, with Brent crude hitting $104 per barrel.

The escalation follows President Trump’s announcement of a naval blockade intended to halt Iranian exports through one of the world’s most vital shipping chokepoints.

Economists warn that the conflict could drive prices as high as $170 in a worst-case scenario, placing immense pressure on energy-dependent economies in Asia and Europe.

The International Monetary Fund has cautioned that the inflationary shock from the war is already 'baked' into the global economy, threatening to keep interest rates higher for longer.