Oil Prices Soar Past $114 Amid Iran War Escalation, Threatening Global Supply

• Crude oil prices, including Brent and West Texas Intermediate, surged past $114 a barrel, reaching levels not seen since 2022.
• The intensifying Iran war is severely threatening oil production and shipping in the Middle East.
• Bahrain accused Iran of striking a vital desalination plant, while Israeli strikes caused oil depots in Tehran to smolder.
• Tanker movement through the critical Strait of Hormuz, which handles 20% of global oil, has been largely halted by Iranian threats.
• Iraq, Kuwait, and UAE have cut production; attacks on oil facilities by Iran, Israel, and the US exacerbate supply concerns, fueling inflation fears.