Oil prices experienced a significant rise due to escalating tensions between the US and Iran, which have disrupted tanker traffic in the crucial Strait of Hormuz. In early trading, US crude oil prices surged 6.4% to $87.88 per barrel, while Brent crude, the international benchmark, climbed 6.5% to $96.25 per barrel. The conflict, which has lasted over eight weeks, has led to one of the worst global energy crises in decades, particularly affecting countries in Asia and Europe reliant on Middle Eastern oil. Following Iran's announcement to reopen the strait, prices initially dropped, but a reversal came after US President Donald Trump reaffirmed a blockade on Iranian ports. The average price of gasoline in the US reached nearly $4.05 a gallon, significantly higher than the $2.98 average before the conflict. Energy Secretary Chris Wright indicated that while prices might have peaked, they may not drop below $3 per gallon until next year. Analysts caution that if the strait remains closed, oil prices could continue to rise, with a return to normal shipping levels potentially taking months.