Oil prices surged overnight as the US teeters on the precipice of all-out war with Iran.

Oil prices jumped 13% amid US-Iran tensions and Strait of Hormuz closure. New all-time high by December 31 at 11.5% YES.

Oil prices surge due to US-Iran tensions and Strait of Hormuz disruptions. Crude oil reaching a new all-time high by December 31 at 13.5% YES.

Brent crude prices surge to $90 amid US-Iran tensions. WTI reaching $110 by July 2026 at 4.8% YES.

Analysts warn oil market may be underestimating risk to supply from latest escalation