Oil Surges Past $110 as Markets Tumble on Middle East War Fears

U.S. oil futures have skyrocketed 24.6% to $113.30 a barrel while Brent crude climbed 23.4% to $114.38, marking the first time prices have exceeded $100 since 2022. The sharp rally stems from escalating Middle East tensions that have effectively blocked the Strait of Hormuz, crippling exports from major Persian Gulf producers and slashing Iraq's output by 60%. Read more about this...