US-Iran standoff over Strait of Hormuz drives oil prices sharply higher

A standoff between the US and Iran over control of the Strait of Hormuz has escalated, causing oil prices to soar. The specific trigger and military posture remain unclear, but the strait's role as a chokepoint for ~20% of global oil makes any disruption market-critical. This marks a sharp escalation in US-Iran tensions, with immediate implications for energy supply and risk sentiment.