Oil prices surge to $115 per barrel as Middle East crisis intensifies. US crude has doubled since early 2026, driven by military escalation and Iran's control of the Strait of Hormuz, through which twenty percent of global seaborne oil typically flows. A successful US Special Operations rescue of a stranded airman near Tehran underscores rising tensions. Major explosions reported in Iranian cities Shiraz and Qom signal widening conflict. Analysts warn crude could reach $140 if hostilities continue, potentially triggering global economic slowdown. The effective blockade of critical shipping lanes has forced traders to price in substantial war premiums as diplomatic efforts stall and energy security concerns mount worldwide.
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