Middle East live: Oil prices extend gains as US-Iran tensions flare again

# Why This Matters Renewed US-Iran military tensions pose direct threats to global energy stability at a moment when oil markets are already volatile. Since roughly 20% of the world's crude oil passes through the Strait of Hormuz—a chokepoint Iran controls—even the prospect of escalation can trigger supply disruptions that ripple through economies worldwide, raising gas prices for consumers and increasing costs for manufacturers and shippers. Trump's threat of a "hard response" signals potential military action rather than diplomatic resolution, reducing the probability of de-escalation and heightening market uncertainty that typically drives speculative buying and price spikes. For countries already grappling with inflation and energy dependence—particularly in Europe and Asia—further oil price increases could trigger broader economic slowdowns, making this geopolitical flashpoint consequential far beyond the Middle East.