Oil and natural gas prices soar as Iran attacks Gulf energy facilities. Brent crude nears $114

Oil and natural gas prices have surged globally following Iran's attacks on Gulf energy facilities, with Brent crude nearing $114. The Strait of Hormuz, a vital waterway connecting the Persian Gulf to the world's oceans, has been effectively closed due to the conflict, impacting over 90% of global oil shipments. This has led to a significant increase in energy prices, affecting not only oil but also refined products. The attacks have heightened concerns about global supply chains and energy security. As a result, currency traders are responding by adjusting exchange rates and stock markets are reacting with volatility. The situation is ongoing, with its impact still being felt across the globe.

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