Oil surges on false Iran warship attack report

Crude oil prices briefly surged above $105 a barrel after conflicting reports emerged of an Iranian strike on a U.S. warship. The spike was driven by fears of escalating conflict in the Strait of Hormuz, a critical chokepoint for global oil shipments. However, futures pared losses following denials from both Iranian and U.S. officials, confirming no attack occurred. The Dow futures dropped 200 points amid the volatility, reflecting market jitters over geopolitical risks in the Middle East. The incident underscores the fragility of oil markets to unverified news and the potential for rapid price swings based on misinformation.