Oil prices spiked, reaching at least $107 per barrel on Wednesday morning.

Bank of America and Standard Chartered on Monday raised their 2026 oil price forecasts, citing a prolonged supply shock from the shutdown ​of the Strait of Hormuz and the likelihood of a long‑tail disruption to global ‌energy markets.

Moscow rushed to load crude onto tankers to take advantage of soaring oil prices triggered by Iran’s effective closure of the Strait of Hormuz, and a US tariff waiver that permits buyers to purchase those barrels without fear of sanctions.

"Responding to coastal launch sites as they emerge would require coordinated strike operations ashore and perhaps marines — the latter a clear escalation risk."

Physical crude prices are trading far above paper futures, indicating real shortages as buyers scramble for cargoes and refiners consider cutting operations.

For the first time, the United States has dropped a new 5,000-pound bunker buster bomb on Iranian missile storage sites near the Strait of Hormuz, in hopes of reopening the critical waterway.