1 of 1
Story summary
- The Strait of Hormuz disruption has reduced global oil supplies.
- Oil prices rose to $111 per barrel after United States and Israeli strikes on Iran.
- Iran has declared the strait closed to hostile vessels, worsening the crisis.
- The International Energy Agency warns this could trigger the worst energy crisis in history.
- The United States has extended a deadline for negotiations to stabilize oil prices and address inflation fears.
