Oil prices shot up past $110 a barrel on Monday, marking a sharp 20% increase and reaching their highest level since July 2022. At the same time, stock markets took a hit as the escalating conflict between the US, Israel, and Iran raised fears about major disruptions in the Strait of Hormuz—a key waterway for global oil shipments
Over the weekend, the US and Israel carried out fresh airstrikes across Iran, hitting several targets including oil storage facilities. The attacks have sparked concern that energy supplies from the region could be cut off or delayed, which would drive up costs for everyday consumers and businesses around the world.
Even if the fighting stops soon, the impact could linger for months. Damaged oil sites, disrupted transport routes, and ongoing safety risks in the area mean higher fuel prices could stick around—hitting people's wallets from the gas pump to the grocery store.
