Brent nears $120 as US-Iran hostilities escalate, Hormuz attacks rise

Oil prices are surging toward $120/bbl on escalating US-Iran tensions, marked by rising attacks in the Strait of Hormuz and reported explosions at Iran's Jask port, with military repositioning overshadowing Qatari and Pakistani mediation. The situation points to a likely resumption of hostilities within weeks, threatening a major supply disruption through the world's most critical chokepoint. The market impact is immediate and severe, with a 13-14% monthly price increase already priced in.

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