Oil surges as U.S. strikes Iran near Hormuz — ride the energy rally
The U.S. just carried out fresh airstrikes on Iranian military targets near the Strait of Hormuz, a critical chokepoint for global oil shipments. Oil prices instantly shot up nearly 3%, with Brent crude approaching $97 a barrel.
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The Strait of Hormuz handles roughly one-fifth of the world's oil supply, so any military action nearby immediately spooks energy markets. This is now the second U.S. strike in three days and there is no ceasefire deal in sight, meaning the premium baked into oil prices could keep growing. With inflation already at a three-year high, higher oil would feed directly into fuel and shipping costs, which could keep upward pressure on prices for weeks. Traders who position in oil producers like Chevron or in broad energy ETFs like XLE could benefit if the conflict drags on.