Oil prices surge past $100 a barrel for the first time since 2022 as the Strait of Hormuz closure creates a historic supply shock.

Oil prices surge past $100 a barrel for the first time since 2022 as the Strait of Hormuz closure creates a historic supply shock. West Texas Intermediate jumped 23 percent to above $111, while Brent crude advanced to $106.92. Crude has doubled in just three months, marking an unprecedented pace of appreciation in futures market history. President Trump characterizes the spike as a temporary cost of eliminating Iran's nuclear threat, signaling prices will drop rapidly once the military campaign concludes. Major Gulf producers have slashed output dramatically amid the shipping crisis, with approximately 20 percent of global oil exports normally flowing through the now-restricted waterway. The energy crisis reflects broader geopolitical tensions reshaping commodity markets and global economic stability.