Oil climbs and stocks drop as Strait of Hormuz escalation threatens US-Iran truce

Tensions escalated between Iran and the US following clashes in the Strait of Hormuz, causing volatility in the global energy market and prompting a decline in stock prices. Crude oil prices surged amid the conflict, while US President Trump’s threats added to the uncertainty surrounding the situation. Negotiations between the two sides continue, but the fragile ceasefire remains in question.