Brent at $100, Gold at $6,000? Energy Shock After Iran Blocks Strait of Hormuz

A joint US-Israeli military operation launched in late February against Iran has sharply escalated tensions in the Middle East, triggering massive missile exchanges and immediate economic consequences. After the campaign began, Iranian authorities moved to close the Strait of Hormuz, a vital maritime artery for global energy supplies, sending shockwaves through commodity markets. Oil Prices Spike as Hormuz Traffic Halts The Strait of Hormuz previously handled roughly one-third of global seaborne oil trade, making it one of the most strategically important chokepoints in the world. Tehran's decision to suspend traffic through the corridor stunned global energy traders and sharply reduced supply expectations. During trading on Monday, March 2, Brent crude briefly surged to $81.5 per barrel, its highest level since January of the previous year. Prices later corrected to around $77.5, but the benchmark remained significantly above pre-escalation levels.