Renewed US-Iran Tensions in Strait of Hormuz Drive Up Crude and Fuel Prices

Geopolitical tensions have escalated following renewed US airstrikes on Iran, leading to the effective collapse of the interim US-Iran peace deal. Both nations accuse each other of violations, with Iran threatening vessels in the Strait of Hormuz. These developments have caused crude and fuel prices to rise, prompting a warning from the International Energy Agency (IEA) about the global economy if the waterway is not reopened within weeks.