Oil Prices Surge Sharply

Oil prices surged sharply after the U.S. struck three key nuclear facilities in Iran and threatened further attacks, deepening the crisis in the Middle East and raising concerns that energy supplies from the region could be disrupted. The price of Brent crude oil increased by 5.7%, reaching $81.4 per barrel, according to Bloomberg. This marks the highest price for a barrel of oil since late January.

Experts note that if Iran were to close the Strait of Hormuz in response to U.S. strikes, even for a single day, prices could spike dramatically, potentially reaching $120 or even $150 per barrel.