Oil prices skyrocket as the Iran crisis disrupts transportation through the Hormuz Strait.

The war between the United States and Iran has caused global crude oil markets to fall into turmoil, and the Strait of Hormuz has effectively been closed, causing oil prices to soar. Brent crude prices opened up 13% at one point, reaching around $82 per barrel. Oil transportation through the Strait of Hormuz has essentially halted - the strait is a vital artery near the Iranian coast through which one-fifth of the world's oil and a large amount of natural gas is transported. As the conflict escalates, ship owners and traders have voluntarily suspended shipping. Although Iranian authorities claimed on Sunday that the important waterway remains open, they also reported attacks on three oil tankers. Meanwhile, US President Trump stated that the US military has destroyed and sunk nine Iranian naval vessels, and that military operations will continue until all objectives are met. In response to the escalating conflict, OPEC+ agreed to a significant increase in production of 206,000 barrels per day at a pre-arranged weekend meeting. As of the time of this report, the May settlement contract for Brent crude has risen by 8.7% to $79.17 per barrel.