Oil climbs to six-week high as U.S. hits Iran for 12th straight night; IRGC says Strait of Hormuz "completely closed"

Escalation in US-Iran conflict and claims that the Strait of Hormuz is "completely closed" have pushed oil to a six-week high, highlighting acute supply-disruption risk in a critical energy chokepoint. The shock primarily impacts crude benchmarks and can tighten financial conditions via higher energy inputs, lifting inflation sensitivity and increasing cross-asset risk aversion in the near term.