Oil prices surge after strikes kill Iran's supreme leader, tankers hit near Strait of Hormuz

Core Viewpoint - Oil prices have surged due to escalating tensions in the Iran conflict, impacting global energy markets significantly Group 1: Oil Price Movements - Global benchmark Brent crude reached $82.37 a barrel, the highest since January 2025, before settling at $78.24, up more than 7% [1] - U.S. West Texas Intermediate crude climbed nearly 7% to $71.68 after hitting $75.33, the highest since June of the previous year [2] Group 2: Market Reactions and Predictions - Analysts at Citi predict that Brent prices could rise further, estimating a range of $80 to $90 a barrel if the conflict continues [5] - The conflict has led to missile strikes on oil tankers near the Strait of Hormuz, raising alarms in global markets [8] Group 3: Strategic Importance of the Strait of Hormuz - Iran has moved to restrict navigation along the Strait of Hormuz, a critical route for oil exports, affecting major exporters like Saudi Arabia, Iraq, and the UAE [11] - The Strait of Hormuz carries approximately 20% of the world's oil supply, with over 200 vessels currently anchored near the passage [8]