Oil Prices Surge Past $90 Amid US-Iran Tensions in Strait of Hormuz

Oil prices have climbed above $90 per barrel following a military escalation between the US and Iran in the Strait of Hormuz. The conflict, involving US airstrikes on Larak Island and subsequent Iranian ballistic missile retaliation against US bases in Jordan, has triggered a global stock market sell-off and reignited expectations for further interest rate hikes by the Federal Reserve.