Global oil prices have surged following an announcement of military action in the Middle East, raising concerns about potential disruptions to energy supplies. Benchmark oil contracts, including Brent Crude and Nymex light sweet, increased by over 10%. Traders are closely monitoring the situation, fearing retaliatory actions that could escalate tensions further. Analysts suggest that any conflict in the region could significantly impact global oil supplies, particularly through the Strait of Hormuz, a critical shipping route for about 20% of the world’s oil. The market will continue to assess the potential for escalation in the coming days.
— new from BBC
