Oil Advances as Strikes Near Strait Cloud Outlook for Iran Deal The recent military strikes in Iran have sent oil prices soaring after a tumultuous Monday that saw crude plummet by over 7%.
This unexpected downturn has been exacerbated by the collapse of talks aimed at an interim deal with Washington to reopen the Strait of Hormuz, a strategic chokepoint for global oil trade.
The Perfect Storm The current situation is a complex interplay of geopolitics and economics.