Oil prices soar as US-Iran tensions rise
Business
Oil prices jumped Thursday after the US and Iran clashed over control of the Strait of Hormuz, a crucial path for global oil.
Brent crude shot past $103 a barrel, and West Texas Intermediate nearly hit $91.
Iran has rejected recent US diplomatic efforts, pushing for more control as talks drag on.
Iran's proposed shipping tax could spike oil prices
Iran is working on a law to tax ships using the Strait, which could make oil even pricier worldwide, especially in Asia.
Rob Kapito from BlackRock pointed out that even if things calm down, oil might still reach $150 per barrel because restoring supply won't be quick with all this instability.