Crude oil prices could climb sharply after several major oil companies suspended shipments through the Strait of Hormuz amid escalating tensions involving Iran, the United States, and Israel on Saturday. The Strait of Hormuz serves as the primary maritime corridor linking the Persian Gulf to the Indian Ocean, making it one of the world’s most strategic oil transit routes. Rising hostilities have heightened fears of a possible shutdown of the waterway, a move that would significantly disrupt the global crude oil market. According to Reuters, multiple sources confirmed that several major oil firms have suspended cargo movements through the Strait of Hormuz. “Several major oil companies suspend oil shipments through the Strait of Hormuz,” Reuters quoted sources as saying. “Our ships will...