Oil Prices Soar Amid Iran-US Standoff

0:00It's April 19th. This is Calgary News today, AI-powered stories from your city. I'm Cory with the story. Oil prices shot up in early Sunday trading, thanks to the ongoing standoff between Iran and the United States over the Strait of Hormuz. That key, Persian Gulf route for global oil shipments. U.S. crew jumped 6.4% to $87.88 per barrel while Brent Crude, the Global Benchmark, climbed 6. And 5% to $96.25 per barrel. Earlier this week, markets got excited when Iran announced it would reopen the Strait to commercial traffic, sending crude prices down more than 9%. But Tehran quickly reversed course on Saturday after President Trump confirmed the U.S. Navy blockade on Iranian ports would stay in place. This mess is hitting people hard worldwide, sparking one of the worst energy crises in decades as supplies grind to a halt. Asian and European nations, big importers from the Middle East, face the biggest shortages,

1:03but skyrocketing prices for gasoline, diesel, and jet fuel, are squeezing businesses and everyday folks everywhere. Over the weekend, Iran's revolutionary guard fired shots at several vessels trying to pass through, and Trump reported U.S. forces seized an Iranian. Cargo ship attempting to douse the blockade. The U.S. Israeli conflict with Iran is now in its eighth week, with no end in sight. With tankers stuck and tensions boiling, expect fuel costs to keep climbing. Traders are watching every move for the next twist in this energy. Showdown.