Oil prices surge as Iran threatens Strait of Hormuz shipping. Brent crude jumped 3.2% to $80 per barrel Tuesday following Iranian threats to block the critical waterway. The Strait of Hormuz handles roughly 20% of global oil and gas supplies, making any disruption economically significant. Supertanker shipping costs have skyrocketed to over $400,000, nearly double last week's rates, as insurance companies withdraw coverage. Analysts warn crude could breach $100 per barrel if disruptions persist, potentially raising US gasoline prices by 25 cents per gallon. The geopolitical tension between Iran, the US, and Israel continues to ripple through global energy markets, with the Trump administration now meeting with Treasury and Energy officials to address rising costs and their impact on consumer prices.
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