US-Iran Conflict Drives Energy Prices Higher

A conflict between Iran and the US has led to increased energy prices globally. The tension has halted most shipping through the Strait of Hormuz, a waterway that previously served as a delivery route for nearly one-fifth of the world's oil and natural gas.

The global supply of crude oil was already constrained due to various factors such as increased demand and production issues in major oil-producing countries. However, the ongoing conflict has further exacerbated the situation.

As a result, the price of Brent crude, the international standard for oil pricing, soared from around $70 per barrel to above $100 for much of March, April, and May. At one point, it even reached $126 per barrel.