"Oil prices surged more than 3% to $117 a barrel as investors reacted to growing disruption in the Middle East and dwindling hopes for a swift resolution to the war, now entering its fifth week."
"Iran's attempts to block or disrupt the Strait of Hormuz, through which approximately one-fifth of the world's oil passes, have sent shockwaves through energy markets and raised fears of a prolonged supply crisis."
"Doubts over a quick resolution have grown after Iran backed Houthi militants stepped up attacks in the region, and the US moved additional troops closer to the conflict."
"With the Houthis threatening Red Sea shipping lanes and key energy infrastructure, traders are bracing for more supply risk and further price volatility."
Oil prices reached their highest levels in over two years, with Brent crude briefly exceeding $117 a barrel. The conflict involving Iran has disrupted the Strait of Hormuz, a vital shipping lane for global oil. Iranian attempts to block this route and attacks on energy infrastructure have raised fears of a prolonged supply crisis. The situation escalated with missile strikes from Iranian-backed Houthi forces. Despite these tensions, the FTSE 100 index rose slightly, supported by gains in oil companies, while concerns about inflation lingered in the UK government.
Read at London Business News | Londonlovesbusiness.com
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