Trump’s Iran gambit sparks an early oil-price scare

Oil surged more than 10% after U.S. and Israeli strikes on Iran and the ensuing retaliation in the Strait of Hormuz, signaling that markets fear supply disruptions and higher gasoline prices if hostilities persist. Analysts warn prices could remain elevated through the near term, potentially easing only if the conflict de-escalates quickly, while the White House and allies weigh supply-offsetting tools like reserves and ramped-up production. The situation adds energy-price volatility to political considerations ahead of the midterms.