Oil prices surged as tensions in the Strait of Hormuz raised concerns over the ceasefire between the US and Iran, with Brent crude reaching $114.44 a barrel. This spike followed the US military’s destruction of Iranian boats in retaliation for attacks on commercial vessels. Despite President Trump’s announcement to protect maritime traffic, shipping companies remain cautious, and the International Maritime Organization reports thousands of seafarers stranded in the area. Analysts predict prices may rise further due to infrastructure damage and supply shortages.
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