Oil Prices Explode To $119: War, Hormuz Crisis & Global Economic Shock Explained

Oil markets have been shaken by a dramatic surge in prices as the conflict involving Iran escalates and global supply fears intensify. Brent crude jumped as much as 29% to $119.50 per barrel, adding to last week’s massive rally. West Texas Intermediate also surged more than 30%, marking one of the sharpest oil spikes in years. The surge follows attacks on Iranian oil storage facilities, disruptions across regional refineries and growing fears that shipping through the Strait of Hormuz — a route carrying nearly 20% of global oil supply — could halt completely. Iran has also hardened its political stance after naming Mojtaba Khamenei as the new Supreme Leader, raising concerns the conflict may intensify. For countries like India, which import over 85% of its crude, the spike could mean higher fuel prices, inflation and pressure on the economy. This video breaks down why oil prices are exploding, what it means for the global economy and how long the shock could last.