Crude Oil Surges Past $110 as Iran-Israel War Shuts Hormuz Strait

By Ifeyinwa Ike

Crude oil prices have soared above $110 (£82) per barrel amid the effective closure of the Strait of Hormuz and heavy damage to Iranian fuel depots from ongoing conflict.

Iran unleashed fresh overnight missile and drone strikes on Israel and Gulf states, prompting Israeli retaliation deep into central Iran.

A separate Iranian drone attack in Bahrain wounded 32 civilians, including four children, the deadliest single Gulf strike since the war erupted, per state media.

Meanwhile, state reports confirm Mojtaba Khamenei as Iran’s new supreme leader.