Oil prices surge near $120 as Strait of Hormuz tensions disrupt supply and boost risk premiums.

Oil prices rose sharply due to escalating geopolitical tensions around the Strait of Hormuz, a critical route for global oil supply. Iran's military blockade and ongoing conflicts have disrupted shipments, pushing buyers to compete for limited barrels and driving prices higher. WTI crude neared $120 per barrel, with technical indicators suggesting potential further gains toward $125-$130 and possibly $150 if resistance levels break. Brent crude also showed strong bullish momentum, targeting $125-$135. Supply constraints, regional conflicts, and risk premiums are expected to keep oil prices elevated in the near term.