Oil prices are experiencing a significant surge, nearing the $100 mark, as renewed tensions between the U.S. and Iran escalate following a series of strikes in the Strait of Hormuz. Analysts from Goldman Sachs warn that if shipping attacks intensify, prices could soar to $120 a barrel. The ongoing conflict has already led to oil prices hitting six-week highs, with concerns about supply disruptions weighing heavily on market sentiment. Meanwhile, global stock markets are reacting negatively to rising oil prices, with major indices experiencing sharp declines as inflation risks mount. The geopolitical landscape continues to cause volatility in both oil and stock markets as traders closely monitor developments in the region.