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Crude oil is surging right now because the US and Israel launched major strikes on Iran on February 28, 2026, hitting targets in Tehran and elsewhere, with Iran retaliating by firing missiles at Israel and US bases across the Gulf. This escalation is spiking the war premium: traders fear disruptions in the Strait of Hormuz (where ~20% of global oil flows), which could quickly cut supply and push prices from the current ~$67–73/barrel towards MOON