Oil prices hit $82.29 after U.S.-Israel strikes killed Iran's leader, triggering conflict that closed the Strait of Hormuz.

Crude oil prices surged to near $82.29 per barrel after U.S. and Israeli strikes on Iran killed its Supreme Leader and triggered Iranian missile and drone attacks, closing the Strait of Hormuz for four days. President Trump announced immediate measures, including political risk insurance and financial guarantees through the U.S. Development Finance Corporation for shipping, and signaled possible naval escorts in the region to secure energy flows. The moves aim to stabilize global markets amid rising war-risk premiums and shipping disruptions, though experts question whether these steps alone can restore confidence amid ongoing conflict and limited naval capacity.