Oil Nears $100 as Strait of Hormuz Closes on US-Iran Escalation

Crude prices approached $100 per barrel on June 3 as escalating US-Iran hostilities closed the Strait of Hormuz, a chokepoint carrying roughly one-third of global seaborne oil. The surge reflects supply disruption risk: US crude inventories fell sharply due to strong export and refining demand. Central banks face renewed inflation pressure if the supply shock persists beyond weeks rather than days.