Hormuz Crisis: How U.S.-Iran Naval Clash is Shaking Oil Prices and Markets

The U.S. and Iran are locked in a battle for control of the Strait of Hormuz, with escalating attacks threatening global oil supplies. The U.S. claims Iran does not control the vital waterway, while Iran insists it is its 'territory.' Oil prices surged nearly 5% before retreating, signaling market volatility. The U.S. struck dozens of Iranian targets, including missile sites, while Iran retaliated with attacks on U.S.-allied nations. Iran's Supreme Leader Khamenei vowed revenge for his father's killing, deepening regional tensions. Analysts warn of potential economic fallout as the standoff drags on.