Oil prices worldwide are rapidly increasing as the intensifying conflict between the U.S. and Israel against Iran raises significant concerns about supply. Brent crude has soared past $80 a barrel, achieving its third consecutive day of increases, while U.S. crude, diesel, and gasoline futures have also seen substantial rises.<br /><br />The main worry centers around the Strait of Hormuz, a vital passage that transports nearly 20% of the globe's oil and gas. With shipping threats, canceled insurance, refinery closures, and heightened tanker risks, the energy markets are feeling the pressure.<br /><br />Experts caution that if the conflict continues, oil prices could escalate further, with extreme predictions suggesting figures between $120 and $150 per barrel. Each breaking news item now influences the market.
