Global oil prices surge above $94 a barrel and settle at a 6-week high after the U.S. strikes Iran in Hormuz, and Trump threatens more action if Tehran retaliates

BREAKING: Global oil prices surge above $94 a barrel, settling at a 6-week high, after US strikes on Iranian targets in the Strait of Hormuz, with Trump threatening more action if Tehran retaliates.

Oil just settled above 94 dollars a barrel, the highest in six weeks.

The trigger is the one you'd expect. American strikes on Iranian targets around the Strait of Hormuz, and traders repricing the risk to the world's most important oil chokepoint in real time. Roughly a fifth of global crude moves through that narrow stretch of water, and these are the ships that carry it, sitting in the line of fire.

Then President Trump raised the temperature further, warning Tehran there'd be more action if it retaliates. So the market isn't just pricing what happened, it's pricing what might happen next. That's why crude gapped up and stayed up into the close.

Here's what that number means for everyone else. Ninety four dollar oil feeds straight into fuel, freight and food, right as central banks were hoping inflation was done. If Hormuz stays hot, this print won't be the ceiling.

This is Sara White, reporting for HIT.