Could oil prices spike further? Inside the fragile US-Iran stance in the Gulf

The fragile understanding between the US and Iran appears to have broken down following reported casualties and damage within Iran, reigniting fears of a broader regional conflict. Nearly 20 percent of global oil trade passes through the Strait of Hormuz, and any disruption to Gulf energy flows could significantly impact crude oil prices and global energy security. While large-scale disruptions to physical oil flows have not yet occurred, geopolitical risk premiums are expected to remain embedded in crude prices as long as tensions persist.