Oil prices surge above $100 as Iran conflict blocks key shipping route

Oil prices have surged past $100 a barrel, reaching their highest levels since 2022, due to the conflict in Iran. The price increase is primarily driven by a blockage of the Strait of Hormuz, a critical shipping channel for global oil supplies.

Kuwait has cut its oil production as a result of the blockage. The closure has also led to a maritime incident, with a UAE tugboat sinking in the strait and three Indonesian crew members reported missing.