News Agencies
Global oil prices have jumped above $100 (£75.11) a barrel and stock markets have slumped as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.
The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.
Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.
On Monday morning in Asia, Brent crude was almost 18% higher at $109.25, while Nymex light sweet was up by more than 20% at $109.37.
Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5%, the Kospi in South Korea slipped by more than 6% and the ASX 200 in Australia almost 4% lower.
