Oil Prices Surge Amid U.S.-Iran Tensions

0:00It's April 19, I'm Cory with the story. This is Global News, driven by AI and built for a global audience. Oil prices shot a big time early Sunday as the U.S. and Iran keep clashing over the straight of Hormuz, that key Persian Gulf route for most of the world's oil. U.S. crew jumped 6.4% to $87.88 a barrel, while Brent Crewd rose 6.5% to $96.25. Here this week, Iran promised Friday to reopen the straight for commercial ships, and prices tanked more than 9% on that hope. With Saturday, they flipped the script after President Trump said the U.S. Navy blockades stays put. Iran's revolutionary guard even fired on vessels in seized one trying to sneak through. This mess is hitting folks hard worldwide, especially in Asia and Europe, hooked on Middle East oil. Gas, diesel, and jet fuel costs are soaring everywhere, squeezing businesses and drivers.

1:00Energy Secretary Chris Wright says, pump prices might not drop below $3.00 a gallon until next year, but they've probably peaked and should, ease soon. The U.S. Israeli conflict with Iran, now in its eighth week since late February, has Crewd swinging wild from around $70.00 a barrel, pre-war. With over 119 at peaks, analysts warned prolonged straight closures could make it worse. With a shaky two week ceasefire expiring Wednesday, fresh talks to end the war look dicey, amid rising tensions in the strait.