Iran War Shocks Oil Markets: Prices Soar 30% Above $118, Global Supply Fears Mount

• Oil prices surged dramatically: WTI up 30.04% to $118.21, Brent crude up 27.54% to $118.22, highest since July 2022.
• Expanding conflict involving US, Israel, and Iran rattles global energy markets, fueling fears of tighter supplies.
• Mojtaba Khamenei to succeed Ali Khamenei as Iran's supreme leader, signaling hardliners remain in control.
• Attacks on oilfields in southern Iraq and Kurdistan halted output; UAE and Kuwait reduced production.
• Disruptions to shipping via Strait of Hormuz and infrastructure damage could keep fuel prices elevated for months.