Oil Surges Past $100 as Iran Closes Strait of Hormuz; Trump Prioritizes 'Evil Empire' Fight

• Oil prices surged past $100 after Iran’s new supreme leader ordered the Strait of Hormuz to remain closed, escalating global market instability.
• US President Donald Trump stated that defeating Iran’s “evil empire” was more important than managing energy costs.
• The Strait of Hormuz, vital for a fifth of global oil and LNG, faces severe disruption due to ongoing US-Israel strikes and Iran's retaliatory attacks.
• International Energy Agency's unprecedented release of 400 million barrels from reserves failed to curb the dramatic rise in oil prices.
• Analysts warn that sustained high oil prices will lead to damaging, long-lasting inflation and softer economic growth globally.