Oil prices surge as Middle East conflict threatens supply routes

Oil prices jumped sharply, rising by nearly $3 a barrel, as the conflict involving Iran raised fears about supply disruptions. The increase came despite a major release of oil from strategic reserves, which failed to calm the market.

A key concern is the threat to shipping through the Strait of Hormuz, a critical passage for global oil supplies. Iran has warned that prices could reach $200 per barrel if the situation escalates further.