The Week the World Held Its Breath: Iran, Oil, and the Price of Global Tension

Iran claimed to have attacked 10 ships near the Strait of Hormuz in the sharpest military escalation in weeks, after the U.S. sank five Iranian tankers in overnight strikes. The tit-for-tat barrage sent Brent crude surging past $100 a barrel for the first time since July — breaching a psychological barrier that has immediate consequences for consumers, central banks, and politicians worldwide. At least one sailor was killed. Iran also fired missiles at U.S. bases in...