Oil Markets Whipsaw as Middle East Conflict Escalates and Strait of Hormuz Stalemate Continues

Oil prices surged 4.5% on Wednesday, erasing a steep selloff from the previous day, after the U.S. military confirmed it had intercepted a fresh Iranian missile attack on regional bases. Brent crude climbed to $87.95 per barrel, while West Texas Intermediate jumped to $82.89, as renewed hostilities shattered hopes for a diplomatic breakthrough.

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• Strait of Hormuz Chokepoint: The narrow waterway remains the critical wildcard; its partial...