War in Iran Spiked Oil Prices. Trump Will Decide How High They Go

The article discusses the recent surge in oil prices triggered by escalating tensions and attacks in the Iran region, with Brent crude prices jumping nearly 13% to almost $80 a barrel. The key factor influencing future price movements is how the White House, under President Trump, manages the conflict and how Iran and other oil producers respond. Iran’s control over the Strait of Hormuz—a critical shipping route through which one-fifth of the world’s oil passes—adds significant risk to global oil supply. Although the strait has not been officially closed, a near halt in traffic and increased attacks on ships have created a "voluntary closure," raising concerns about supply disruptions. Experts highlight that typical OPEC responses, such as increasing production to stabilize prices, may be less effective given the geographic concentration of the conflict. Past incidents, like the 2019 drone attacks on Saudi oil facilities blamed on Iran, demonstrate how targeted strikes on infrastructure can cause sharp price spikes. Analysts warn that if Iran escalates its use of