Iran Closes Strait of Hormuz as Oil Futures Spike 10% and U.S. Gas Price Fears Mount

Oil futures spiked 10% after Iran's navy shut the Strait of Hormuz, raising alarm over a potential global supply disruption and sharply higher fuel costs. Analysts say U.S. gasoline, which was just under $3 per gallon days ago, could quickly move above $3.20-$3.30 on average and toward $4-$5 in some regions if the closure persists.