The US has announced a blockade of the Strait of Hormuz, escalating tensions with Iran after failed peace talks. Oil prices surge as the conflict deepens.
The White House is urging Arab countries to help cover the escalating costs of the US military operation in Iran, which has already surpassed $16 billion.
The Brent crude price has fallen sharply to around $99 per barrel, a significant drop from its previous high of $112. This decline comes amid ongoing geopolitical tensions in the Middle East.
Karoline Leavitt, the White House Press Secretary, stated that the recent spike in gas prices is temporary and linked to the ongoing conflict with Iran.
