The price of oil has surged past $110 per barrel as Iran continues to attack fossil fuel facilities across the Middle East, while bringing tanker traffic through the Strait of Hormuz to a standstill. It’s the biggest spike in oil prices since the early months of Russia’s full-scale invasion of Ukraine in 2022, with some analysts warning oil could hit $150 per barrel within weeks. The Wall Street Journal is calling this “the most severe shock to energy markets since the 1970s.”