Oil prices have surged by up to 5% following a series of military strikes exchanged between the U.S. and Iran in the strategically critical Strait of Hormuz. As tensions rise, fears of disruptions to global oil supplies have escalated, significantly impacting stock futures. The U.S. has revoked licenses permitting Iranian oil sales after Iran launched attacks on commercial tankers, further stoking market volatility. Analysts warn of potential oversupply risks despite the current surge, while Goldman Sachs raises alarms over the implications for global oil supplies. The ongoing conflict poses serious questions about the stability of oil markets, with Brent crude now trading above $78 per barrel.