Oil prices soar nearly 20% amid US-Iran conflict
Oil prices just shot up nearly 20%, reaching their highest point since July 2022.
The main reason? Rising conflict between the US Israel, and Iran has everyone worried about possible supply issues through the crucial Strait of Hormuz.
Plus, Iran's new supreme leader, Mojtaba Khamenei, is seen as taking a tougher stance, which is making markets even more jumpy.
Prices could go up for consumers
Brent crude now sits at $111 a barrel and US oil at $106 a barrel: big jumps that could mean higher fuel costs for everyone.
Even with Saudi Arabia trying to send more oil through safer routes like the Red Sea, it hasn't been enough to calm things down.
Ongoing military strikes in Beirut are adding to the chaos, while President Trump said the war might only end once Iran's military and rulers had been wiped out, keeping everyone on edge.
With a large share of the world's oil passing through this region every day, these tensions could keep prices (and stress) high for a while.