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The United States has launched fresh attacks against Iranian targets on Larak Island near the Strait of Hormuz, triggering a serious retaliation from Iran and sending oil prices sharply higher once again.
In this video, I look at what happened, why Iran responded with ballistic missiles, and why the renewed escalation could have consequences far beyond the battlefield.
Brent crude is now trading back above $90 per barrel, compared with roughly $60–$70 before the war in Iran began. I compare the latest oil-price shock with what happened after Russia invaded Ukraine and explain why disruption in the Strait of Hormuz could prove much harder for the global economy to work around.
We also look at what higher oil prices could mean for inflation, interest rates, U.S. Treasury yields, global trade and economic growth — and whether the USA may have just made its own economic problems significantly worse.
This is no longer simply about Iran. The impact is spreading through global energy markets, shipping routes and the wider economy.
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