Oil Prices Jump Amid Strait of Hormuz Crisis
Global oil prices climbed sharply after Iran intensified strikes across the Middle East, raising fears of disruption to energy supplies. Brent crude, the international benchmark, jumped 10% on Monday to briefly exceed $82 per barrel following reports that at least three vessels were attacked near the Strait of Hormuz over the weekend. Natural gas prices also surged by up to 25% amid concerns about supply constraints. Iran warned commercial vessels against passing through the strategic waterway, through which roughly 20% of global oil and gas shipments transit. Shipping activity at the entrance to the strait has slowed dramatically, with analysts cautioning that a prolonged disruption could drive energy prices significantly higher. In the UK, the FTSE 100 opened nearly 1% lower, with airline shares hit by widespread airspace closures across the Middle East. European markets experienced sharper losses: France’s CAC […]
