Iran Tensions Spike Oil to $110, Rock Global Markets

Explosive Middle East developments involving Iran have catapults oil prices past $110 per barrel, crippling flows through the Hormuz Strait and igniting worldwide economic jitters. Major producers dial down drilling as threats mount, storage maxes out, and shipping grinds near halt.

President Trump addressed the turmoil on Truth Social: 'Iran's nukes force this brief price pop—gone soon after we win. Small cost, big security gain.' WTI rocketed 20.75% ($18.83) to $109.75; Brent gained 18%+ to $109.48, rivaling 1980s record weekly jumps.

At stake: Hormuz, life's blood for global oil/LNG transit. Experts fear lasting closures amid attacks slashing tanker speeds—WSJ notes mass diversions. Gulf output curbs accelerate; Daniel Yergin dubs it potentially history's top supply rupture.

Panic hit exchanges: Asia opened to carnage, Japan -5%, South Korea -7%+, per NYT, as oil hunger bites. Broader ripples slow trade ships via strikes (WaPo). Analysts eye $143/barrel by holidays if deadlock holds.

Vulnerable spots: Asia/Europe's Gulf addiction jacks costs for everything. US shale shields somewhat, yet consumers feel gas/food squeezes. Echoes of 1973/1979 debacles—embargoes bred busts—signal high stakes. The world holds breath as oil's new era unfolds.