Key Oil Price Spikes Over $100 As Iranian Attacks Hit Shipping

The price of Brent crude oil, the international standard, spiked back over $100 as Iranian strikes hit ships and the American-Israeli war with Iran showed no signs of slowing.

Thursday’s major developments include Iran's attacks against commercial ships around the Strait of Hormuz and Iraq's port of Basra, escalating its defense strategy of squeezing the oil-rich Gulf region to threaten global economic stability after 13 days of U.S. airstrikes. The Israeli military also is striking Iran and moving troops to fight Iran's militant ally Hezbollah in Lebanon, where more than 800,000 people have been displaced by the fighting .

Greece imposes price controls on fuel and household staples The emergency controls Thursday are in response to global market turmoil caused by the war. Government spokesman Pavlos Marinakis said the measures take immediate effect through June 30, capping profit margins mostly at 2025 levels.

The controls affect retail and business sales of gasoline and diesel, as well as a list of household products including food, cleaning supplies and personal hygiene items.