Oil prices surged past $110 per barrel for the first time since early 2022, marking the fastest oil rally in decades. The rise comes as the ongoing conflict involving Iran has forced closures in the Strait of Hormuz, a key shipping route for global oil supplies. Futures for Brent crude and West Texas Intermediate (WTI) both jumped over 25% in overnight trading as of Sunday night. Since the conflict began, Brent crude has gained more than 50%, while WTI has risen over 60%. The surge in oil prices triggered sharp declines in US stock markets on Monday. Futures for the S&P 500 and Nasdaq 100 each dropped about 1.5%, while Dow Jones Industrial Average contracts fell nearly 2% as investors reacted to higher energy costs and potential economic risks. Analysts warn that the closure of the Strait of Hormuz, which handles roughly 20% of global oil shipments, could keep oil prices elevated in the near term. Supply bottlenecks and fears of further disruptions in the Middle East are adding pressure to global markets. The US and other countries have expressed concern over the impact of the conflict on energy security. Higher oil prices can lead to rising gasoline and fuel costs, affecting consumers worldwide. Economists note that extended disruptions could also push inflation higher and slow economic growth. This latest spike in oil comes amid broader geopolitical tensions and follows similar price surges seen during the Russian invasion of Ukraine in 2022. Investors continue to monitor developments closely, seeking signs of stability in the Middle East.