Oil surges above $106 on U.S.-Iran conflict, threatening global supply chains

WTI crude spiked above $106 per barrel as U.S.-Iran tensions escalated, with markets pricing in potential removal of millions of barrels daily from global supply. Chevron's CEO warned shortages are becoming critical. Traders face heightened volatility in energy, inflation-sensitive assets, and risk-off flows into safe havens like gold and the dollar.