Oil prices rise after Iran-linked closure of Strait of Hormuz
Oil prices are on the rise after tensions in Iran led to the closure of the Strait of Hormuz, a crucial path for global energy shipments.
Brent crude is up 2.5% at $107.97 per barrel, and West Texas Intermediate sits near $96.
The blockade is shaking up supply chains for oil, gas, and even fertilizers, which could mean higher prices everywhere.
Diplomacy stalls, 37 ships rerouted
Efforts to calm things down have hit a wall: President Trump canceled his top envoys' planned trip to Pakistan, and Iran isn't open to talks while threats hang in the air.
The International Energy Agency calls it a "the biggest supply shock in history," with 37 ships already rerouted since the blockade began.
On top of that, fresh US sanctions on China's Hengli Petrochemical are making things even messier, just as a big U.S.-China summit was supposed to happen, deepening global market jitters and tensions between major powers.