Oil hits $122 a barrel as US prepares Iran blockade
Oil prices just shot up to $122 a barrel, the highest since 2022, mainly because the US is preparing to extend its blockade against Iran.
With the Strait of Hormuz (a key route for shipping oil) caught in the middle of this standoff, getting fuel around the world is suddenly a lot trickier and more expensive.
President Trump meets executives, markets wobble
President Trump recently sat down with top energy executives, including Chevron's Mike Wirth, to figure out how to soften the blow for Americans at the pump.
Meanwhile, Iran's economy is taking a big hit: inflation has soared to nearly 54%, millions have lost jobs, and its currency is tanking.
The World Bank forecasts energy prices could surge by 24% in 2026, even if the most acute disruptions end in May.
While UK fuel costs are already rising and European markets are shaky, Asian markets are starting to bounce back a bit.