U.S.-Iran tensions disrupt Hormuz shipping as WTI tops $115
Business
Oil prices surged, with West Texas Intermediate crude topping $115 a barrel.
The main reason? Ongoing tensions between the US and Iran have disrupted key shipping routes in the Middle East.
Tehran is tightly controlling the Strait of Hormuz, a major passage for global oil, which means fewer ships are getting through.
Global supply squeeze fuels inflation worries
About 10% of the world's crude supply is now offline, and stockpiles are running low.
This squeeze is driving up fuel costs everywhere, making things pricier at the pump and adding to inflation worries.
Analysts say there is no quick fix in sight, so expect some continued uncertainty around energy prices and economic stability as long as these tensions last.