Oil climbs to four-year high as Iran conflict deepens and US-Germany tensions rise

Oil prices jumped to a four-year high as the Iran war risks disrupting flows through the Strait of Hormuz, with reports of possible renewed strikes and ongoing regional tensions. In Washington, Trump criticized Germany’s leadership over Iran policy as Hegseth faced questions about war costs and duration, while Iran and its allies pushed back against Western pressure. Across the region, fighting between Israel and Hezbollah in Lebanon caused mass displacement and casualties, a Gaza flotilla was intercepted, and Iran vowed to defend its nuclear and missile capabilities as the U.S. weighs new options and Germany mulls troop reductions.