Oil Shock Deepens: Crude Tops $103 as Iran Warns Hormuz Won't Return to Normal

• Crude oil prices surged past $103 per barrel due to escalating Middle East tensions.
• Iranian Parliament Speaker Mohammad Baqer Qalibaf warned the Strait of Hormuz won't return to pre-war status.
• Global crude prices have risen over 40% since the war began, leading to higher fuel costs and inflation fears.
• An estimated 7-8 million barrels per day of global oil output is disrupted, with limited spare capacity.
• European leaders reject US calls for direct military involvement in Hormuz, preferring to avoid escalation.