Strait of Hormuz Standoff: Oil Prices Soar Amid Escalating Tensions The global economy is feeling the pinch as the standoff between Iran and the US continues to escalate, with oil prices surging to near $95 a barrel.
The international community is bracing for the worst, but what's driving this spike in crude prices?
The Strait of Hormuz, a critical waterway connecting the Persian Gulf to the open ocean, has been at the center of the conflict.