Brent Crude Tops $102 as Hormuz Flows Collapse Amid Iran Conflict

Brent crude surged past $102 a barrel after Iran threatened to escalate attacks near the Strait of Hormuz, with tanker traffic through the chokepoint now running at roughly 30% of pre-conflict levels and diesel prices at record highs. HSBC raised its 2026 oil forecast to $90 a barrel, warning of a sustained "super squeeze" across commodities as the Israel-Iran conflict disrupts a fifth of the world's oil and LNG trade. The economic strain from this Middle East confrontation illustrates how regional war can generate pressure for extraordinary government intervention, seen here in Trump's proposed $5,000 "dividend" checks tied to relief from rising fuel costs.