Oil Prices Surge After Iran-U.S. Clashes

0:00From Birmingham, this is your March 2nd update. Oil prices shot up sharply when markets open Sunday, triggered by US and Israeli strikes on Iran, along with Iran's counterattacks on Israel and US bases in the Gulf region. These clashes have disrupted key oil shipping routes, especially attacks on two vessels in the Strait of Hormuz, which chokes off exports from major, producers like Saudi Arabia, Iraq, and others. That Strait handles about one-fifth of the world's oil supply, so any slowdown there raises fears of tighter global energy flows and steeper costs. Down the line, consumers could soon see higher prices at the gas pump, plus bigger tabs for groceries and everyday goods, piling on top of ongoing inflation, pressures. Meanwhile, eight OPEC-plus nations, including Saudi Arabia and Russia, announced a surprise production hike of 206,000 barrels per steptia. Day starting in April, though experts warned that export access matters more than extra

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