Oil Tops $100 as Hormuz Strait Closes on US-Iran Tensions

Crude hit nearly $100 a barrel on June 3 after US-Iran hostilities shut the Strait of Hormuz, which carries about one-third of the world's seaborne oil. The spike reflects real supply risk: US crude inventories dropped as refineries ramped up production and exports. If disruption lasts weeks rather than days, central banks face pressure to act on renewed inflation.