U.S.-Iran tensions spike oil prices and disrupt Hormuz shipping

Escalation between the United States and Iran has driven oil prices above $80 and disrupted shipping through the Strait of Hormuz. The U.S. launched strikes to disrupt Iran's ability to threaten navigation in the strategic waterway. In response, tanker traffic through Hormuz has ground to a halt, and marine insurance premiums for crossing the strait have surged. China's producer inflation neared a four-year high, partly due to rising costs from Iran. A projectile strike also damaged a railway bridge in northern Iran, adding to regional instability.