After Iran announced the closure of the Strait of Hormuz, oil prices surged nearly 10% to $77.98 per barrel. Analyst Bob McNally warned that a prolonged closure could push oil prices up to $100 per barrel and gasoline prices to $4 per gallon. In response, President Trump has ordered the U.S. Navy to immediately escort oil tankers through the strait to ensure global energy supplies. Reports indicate that several countries, including India, are seeking alternative energy sources as their crude oil reserves only last for 25 days.