Oil prices rose sharply Sunday as U.S. and Israeli strikes on Iranian infrastructure-including Kharg Island-disrupted global supply chains. West Texas Intermediate climbed to $100.22 a barrel; Brent reached $106.11.
The Strait of Hormuz remains effectively closed-halting 20% of global oil and gas exports. Gulf states have slashed output; tankers are stranded.
U.S. Energy Secretary Chris Wright called the spike 'short-term pain' and predicted the conflict could end within weeks.
The International Energy Agency declared this the largest oil supply disruption in global market history.