Iran Strikes at Hormuz: Oil Prices Soar Amid Shipping Risks

Oil prices surged on Thursday following reports that Iran had struck 'hostile targets' in the Strait of Hormuz, a critical route for global energy.

The Strait of Hormuz is a key waterway through which approximately one-fifth of the world's oil supply passes, making it a vital chokepoint in international trade.

Iran has been threatening to block US and Israeli ships from passing through the strait, and has also demanded compensation from 'hostile countries.'

The threats have caused concern among traders, who are interpreting them as a sign that Persian Gulf exports will remain restricted in the near term.