Oil rises over $1 as Iran crisis disrupts Middle East supply
Middle East oil prices surged as a U.S.-Iran conflict disrupted vital shipping lanes. Iraq's production is severely impacted, with potential shutdowns looming. Iran's targeting of tankers in the Strait of Hormuz has halted traffic, forcing nations to seek alternative energy sources and routes. While U.S. assurances of escorts and insurance were offered, confidence remains shaken.