The Iran war has caused crude oil prices to soar past $100 a barrel as Tehran, under new leader Mojtaba Khamenei, launched missile attacks on Gulf neighbors and indicated the closure of the Strait of Hormuz. The situation has led to increased global inflation concerns and discussions among G7 finance ministers about releasing strategic oil reserves. Attacks on oil facilities in Bahrain and threats to shipping in the Strait of Hormuz have raised alarms about energy security in the region.
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