Hormuz Tensions Send Oil Prices Soaring

Oil prices continue to rise as tensions between the US and Iran escalate. The Strait of Hormuz, through which about one-fifth of the world's oil supply passes, has seen a series of attacks in recent days.

The latest incidents include three Iranian oil tankers being struck by US forces on Saturday, according to the US Central Command.

In response, the navy of Iran's Islamic Revolutionary Guard Corps targeted three US vessels and three oil tankers traveling through unauthorized routes in the Strait of Hormuz.

Analysts say a prolonged standoff between the two countries is likely, with Middle East supplies expected to remain constrained until late 2026 or early 2027.