Oil Surges 5% to $105 as Hormuz Transits Collapse, Gulf of Mexico Output Shut

Oil prices jumped over 5% to $105 amid converging supply threats: only seven tankers transited the Strait of Hormuz in a day, signaling severe disruption, while a hurricane has halted a quarter of U.S. Gulf of Mexico production. The combination of a critical chokepoint squeeze and U.S. output loss tightens global supply, with the market pricing in elevated risk of further escalation.