Oil Prices Cool After Middle East Escalation; Brent Spikes 12% Before Settling

• Global oil prices surged after US-Israel attacks on Iran, escalating into a full-blown Middle East crisis.
• Brent Crude spiked 12% to over $80 a barrel initially but cooled off, now trading with 4.5% gains.
• Iran, the fourth-largest OPEC+ producer, contributes 3% of global output, capable of 3.3 million barrels per day.
• Strait of Hormuz, a critical choke point for 20% of global oil supply, remains open despite closure reports.
• OPEC+ agreed to accelerate output hikes in April, with Saudi Arabia and Russia adding 206,000 barrels per day.