Gulf tensions spike oil prices toward $100 as U.S., Iran trade attacks

The U.S. and Iran have exchanged attacks on vessels and tankers in the Strait of Hormuz, according to CNBC. The escalation has sent oil prices climbing toward triple digits and stock markets declining.

The Strait of Hormuz, a critical chokepoint for global energy supplies, handles roughly one-third of the world's seaborne petroleum trade, making regional tensions there highly sensitive to commodity and financial markets.