Oil surges, stocks drop as Iran conflict disrupts Strait of Hormuz tanker traffic

Tanker traffic through the Strait of Hormuz slowed to near-zero amid war-risk insurance spikes and shipping suspensions. JPMorgan warns Brent could hit $100-$120 if Gulf producers max out storage and shut in output. Expect volatility in oil, equity indices (energy-weighted), and safe havens like gold.