Oil prices have recently hit new highs as tensions between the U.S. and Iran escalate, with fresh strikes exchanged over the Strait of Hormuz. This surge comes after months of relative calm in their hostilities, leading to fears of increased energy prices and inflation. Global markets have reacted variably, with stocks declining in some regions as oil prices breach the $90 mark, and concerns mount about potential rate hikes from the Federal Reserve. The situation has left investors on edge, weighing the implications of these geopolitical conflicts on overall market stability.