The Iran-U.S. conflict escalates, the Strait of Hormuz "paralyzed," international oil prices surge past $100

On Sunday, as tensions between the U.S. and Iran continued to escalate, the Strait of Hormuz, a vital global energy chokepoint, fell into "paralysis," with flow rates dropping sharply by 94%. Coupled with major oil-producing countries like Iraq and Qatar being forced to cut production, international oil prices finally broke through the $100 mark.

WTI crude oil temporarily soared to $111 per barrel during trading, up more than 22% for the day; Brent crude also rose above $110 per barrel, reaching a new high since the Russia-Ukraine conflict in 2022.

JPMorgan Chase analysts stated that if the strait remains closed for several weeks, oil prices could rise to $150 or even higher. In response to the soaring prices, President Trump remained optimistic, calling it a "small price to pay for global security," and predicted that oil prices would soon fall.

Additionally, Trump criticized his predecessor Biden for depleting strategic petroleum reserves and said he would replenish the stockpile at the appropriate time.