Oil prices jumped above $120 per barrel as tensions in the Strait of Hormuz intensified, with Donald Trump publicly urging Tehran to 'just give up.' The escalation has rattled energy markets, which depend heavily on the strait as a transit route for roughly a fifth of the world's oil supply. A physical blockage or sustained military standoff there would immediately tighten global supply. Higher crude prices flow through quickly to fuel costs for consumers and businesses, and can push up inflation across economies already watching price pressures closely. The standoff adds pressure on central banks and governments managing energy import bills. Markets are watching whether diplomatic channels open or whether the confrontation deepens. Any signal of de-escalation would likely pull prices back, while further military moves near the strait could push crude higher still.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
Venezuela's twin earthquakes, magnitudes 7.2 and 7.5, have killed at least 164 people and injured 971, interim president Delcy Rodriguez confirmed Thursday. The quakes are the country's strongest since 1900, collapsing buildings across Caracas and prompting a state of emergency, with the death toll expected to rise as
