Crude oil prices near $100; Strait of Hormuz shutdown risks 1.5 bn barrels

Crude oil prices have surged 55% since the West Asia conflict, with a 3% overnight jump and levels briefly nearing $100 per barrel as the Strait of Hormuz remains shut. Collapsed US–Iran talks and supply disruptions have triggered what the International Energy Agency calls the worst energy crisis, with up to 1.5 billion barrels at risk. Indian vessels remain stranded near Hormuz, while supply tightness and demand destruction keep prices elevated despite any near-term reopening risks.