Key Highlights
- US and Israel launched a joint military operation against Iran, targeting military facilities.
- The Strait of Hormuz is a critical chokepoint, with over 20% of global oil supply passing through it.
- Crude oil prices are projected to rise sharply, potentially reaching $95 to $110 per barrel.
- Major oil companies have suspended shipments via the Strait of Hormuz amid conflict fears.
- Oil prices had already increased over 15% since the beginning of the year due to rising conflict concerns.
