- Crude oil prices surged to over $78 a barrel following U.S. attacks on Iranian nuclear facilities and Iran's parliamentary vote to close the Strait of Hormuz.
- Donald Trump responded by publicly ordering the Department of Energy to increase drilling and urged "everyone" to keep oil prices down, urging companies against “playing right into the hands of the enemy”.
- The Strait of Hormuz, a vital choke point for 20 percent of global oil and gas shipments, saw tankers scrambling to leave after Iran's vote.
- US officials, including Secretary of State Marco Rubio, warned Iran that closing the strait would be "economic suicide" and a "terrible mistake" warranting a response.
- The price spike is expected to raise gasoline costs for Americans, with analysts predicting prices could reach $130 per barrel if a blockade occurs.
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