Brent crude nears $114 amid U.S.-Iran tensions, shipping threats
Business
Oil prices just shot up, Brent crude is now close to $114 a barrel, thanks to rising tensions between the US and Iran near the Strait of Hormuz.
There has been an attack on a United Arab Emirates oil terminal, and threats to shipping routes are making energy markets nervous.
Hormuz shipping disruptions spur inflation fears
The Strait of Hormuz, a major route for global oil, is almost impassable right now.
The US military has had to defend ships from Iranian attacks, while Iran is blocking transit and the US is restricting shipments tied to Tehran.
Iran's foreign minister says talks were "making progress." but warns that pushing for a military solution could backfire.
All this drama is making people worry about inflation again, with interest rates climbing as well.