Iran's Hormuz Standoff Sparks Oil Spike, Haze Looms, and US Reassures Asia

Oil prices surged 5% after Iran issued new conditions for reopening the Strait of Hormuz, a critical shipping lane that funnels a third of the world's oil trade. US President Donald Trump responded by threatening to seek conflict compensation, sending jitters through global markets. The S&P 500 dipped just 0.1% as investors tried to ignore the geopolitical flare-up, but for Singapore—a hub for oil refining and bunkering—the volatility hits closer to home.

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