Oil prices surged to $84 per barrel as supply risks materialized, sparking concerns over a prolonged Middle East conflict. The international benchmark, Brent Crude, jumped 8.36% to $84.24, while the U.S. benchmark, WTI Crude, rose past the $75 threshold to $76.93, up 8% on the day. This surge followed a 10% jump on Monday, fueled by President Trump's statement that the Iran war, dubbed Epic Fury, could last longer than the projected four weeks. Iran retaliated by threatening to close the Strait of Hormuz, a vital trade route for a fifth of global oil and gas, and vowed to burn any transiting ships. While the U.S. Central Command denies the Strait's closure, tanker traffic is effectively halted due to Iran's threats. Analysts predict oil prices could reach $100 or even $120 per barrel if the Strait's traffic isn't normalized within three weeks, highlighting the potential for further price volatility.
