Middle East War Crimps Global Oil Lanes as US Pivots to Pacific

Strait of Hormuz traffic is grinding to a near-standstill as Iran and the US launch reciprocal naval blockades, sending oil tanker rates to record highs. The price of Brent crude spiked to $109.20 a barrel — its biggest jump since the war began — after Iran claimed attacks on 10 vessels near the strait. For the average driver, this isn't just a Wall Street ticker: analysts say the surge pushes the odds of a US interest rate hike back into play,...