US-Iran Conflict Escalates with Naval Attacks and Sanctions, Driving Oil Prices Higher

Tensions between the United States and Iran have sharply escalated following alleged Iranian missile attacks on US Navy warships and subsequent US strikes on three Iranian oil tankers. Iran has announced plans for a new "exclusion zone" near the Strait of Hormuz, a critical global shipping chokepoint. US Treasury Secretary Scott Bessent has outlined an "Economic D-Day" policy aimed at regime change in Iran through comprehensive sanctions. These developments have led to a significant spike in oil prices, with Brent crude rising towards $97 per barrel, intensifying concerns about disruptions to Gulf supplies.