Oil Prices Spike as US Joins Israel in Strikes on Iran
Key Points Oil prices jumped to their highest point since January. The spike was triggered by President Trump's announcement that the U.S. had joined Israel. The market is concerned that Iran will retaliate by closing the Strait of Hormuz, a crucial oil shipping route. The U.S. joining the conflict marks a significant escalation, increasing the risk of a broader regional war. Analysts are now warning that oil prices could realistically rise to $100 a barrel if the conflict escalates. Oil...