Oil Prices Surge Amid U.S.-Iran Tensions

0:00Oil prices shot up over the weekend as U.S. Iran tensions boiled over in the strait of Hormuz. That key shipping lane in the Persian Gulf got shut down again by Iran, while the U.S. keeps its blockade on Iranian ports locked in tight. Crew jumps 6.4% to $87.90 a barrel right after markets open Sunday, holding steady most of the day. This surge wiped out a big drop from Friday, when prices fell more than 9% after Iran briefly said ships could pass through. But then they flipped the script, blocking traffic once more and firing on several vessels. Drivers are feeling the pinch, with experts warning of higher pump prices ahead. Energy Secretary Chris Wright went on CNN Sunday and said we won't see $3 a gallon gas again until next year. Still, he thinks the worst is behind us, adding that prices have likely peaked and should start dropping soon. Meanwhile, the U.S. stepped up enforcement, a destroyer grabbed an Iranian cargo ship

1:01trying to sneak past the blockade. All eyes stay on the strait as these moves keep energy markets on edge, but relief might be coming if talks heat up. This has been Dallas News Today, powered by AI.