Oil prices experienced a significant surge following renewed clashes between US and Iranian forces, with West Texas Intermediate rising nearly 4% towards $99 per barrel. The US Central Command reported that US forces intercepted unprovoked Iranian attacks while transiting the Strait of Hormuz, a vital waterway for global oil supply. President Donald Trump confirmed that US warships successfully exited the area unharmed. The Strait has been effectively closed since late February, leading to an unprecedented energy supply shock, with 14 million barrels of oil lost daily due to the ongoing conflict. This situation has caused retail gasoline and diesel prices to spike, burdening consumers. The International Energy Agency's head, Fatih Birol, indicated that ramping up oil production post-conflict would be gradual. As tensions rise, market liquidity has slumped, making traders hesitant to take positions amid heightened volatility.