Iran conflict’s disruption of oil flows, prices, and policy

A rapidly escalating US–Israel–Iran conflict is roiling global energy markets, with attacks and shipping threats around the Strait of Hormuz driving sharp spikes in oil and gas prices. Marine insurers are canceling war-risk coverage, freight rates are jumping, and consumers in U.S. regions from Minnesota to Massachusetts and Ohio are already seeing higher pump prices. Analysts and investors are scrambling to gauge how sustained disruptions could reshape global energy trade and inflation, while Federal Reserve officials warn that a renewed energy-price shock complicates the outlook for interest rates and the broader economy.