Iran Blocks Strait of Hormuz; International Energy Prices Surge
Following U.S. airstrikes on Iran, Iran has blocked the Strait of Hormuz and attacked Middle Eastern U.S. military bases and energy facilities, causing international oil and natural gas prices to spike significantly. Analysts warn oil prices could reach $100 per barrel, doubling the scale of the 1970s oil crisis, with Asian economies heavily dependent on Middle Eastern energy facing the greatest impact. Meanwhile, airspace closures across the Middle East have caused severe disruptions to international flights and aviation operations.