Oil prices have surged in recent days due to renewed hostilities between the US and Iran, triggering fears of supply disruptions in the critical Strait of Hormuz. Following tit-for-tat attacks on vessels in the region, oil prices climbed significantly, reaching as high as $97 a barrel. Market analysts anticipate continued volatility, with forecasts suggesting that prices may approach the $100 mark amidst rising geopolitical tensions. As energy prices rise, Asian markets have responded with mixed signals, while US stocks have shown signs of decline, reflecting investor wariness over the Middle East situation. With the ongoing military exchanges, oil remains a focal point for investors, elevating concerns over potential further escalations and their impacts on global supply.