Oil prices hit near seven-week highs, before edging lower, as Iran plans to increase control of Hormuz

Oil prices experienced a notable spike, reaching near seven-week highs, before slightly retreating, driven by concerns over Iran's plans to tighten its grip over the Strait of Hormuz, a critical oil shipping route. The market's initial surge in crude prices reflects fears that geopolitical tensions could disrupt global oil supply, impacting everything from fuel costs to economic growth. This situation underscores the delicate balance of global energy markets and the potential ripple effects from regional conflicts on worldwide trade and finance.