Escalating US-Israel-Iran Conflict Closes Strait of Hormuz, Spikes Oil Prices Over $110, Disrupts Global Trade
📈 US and Israel conducted 5,000+ strikes inside Iran, targeting air defenses and naval infrastructure. In response, Iran targeted US and Israeli bases across the Gulf. The Strait of Hormuz closure caused oil prices to exceed $110 per barrel, stranding nearly 200 vessels. US diesel hit $4.04/gallon, and Asian LNG spot prices doubled. War-risk insurance premiums rose from 0.05% to 0.5%. The Dow Jones dropped over 400 points on March 2, 2026, amid economic and geopolitical concerns.
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