U.S.-Iran war: Oil nears $100 as Strait of Hormuz disruption slows ship traffic

Global oil prices climbed toward $100 a barrel on Tuesday as the ongoing U.S.-Iran war continued to disrupt shipping through the strategic Strait of Hormuz, according to CBS News. Brent crude rose to about $97 per barrel, reaching a seven-week high, as tensions over the crucial waterway restricted global oil supplies.

Iran has threatened to establish a maritime “exclusion zone” outside the strait, potentially further limiting commercial traffic. Meanwhile, Iran-backed Houthi rebels launched attacks on Saudi oil facilities, prompting retaliatory strikes and raising fears of a wider regional escalation.

The disruption has also weighed on U.S. stocks, with rising energy costs fueling concerns about inflation.