Oil Prices Jump 6% as Israel-Iran Conflict Threatens Strait of Hormuz
Key Points
- Increased geopolitical tensions, particularly around oil shi...
When you control one-fifth of the world's oil shipments through a single waterway, even a stern look from your neighbor can send prices soaring. That's exactly what happened when Israeli airstrikes on Iranian military sites starting June 13 reminded everyone just how much global energy depends on the Strait of Hormuz staying open for business.
The market's reaction was swift and predictable: safe-haven currencies like the US dollar, Japanese yen, and Swiss franc got their moment to shine while oil prices climbed nearly 6%. It's like watching people rush to buy batteries when the weather forec...
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