Oil prices rise after ships attacked near Strait of Hormuz

Experts have warned that a prolonged conflict could push global energy prices even higher.

Brent crude jumped by 13% during early trading as US-Israeli strikes on Iran raised fears of disruption to the Strait of Hormuz, a key global trade route.

Global oil prices increased after at least three ships were attacked near the Strait of Hormuz, as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the US and Israel.

Brent crude prices jumped 10% to about $80 a barrel over the counter on Sunday, as tanker traffic near the Strait of Hormuz halted amid Iran attacks and warnings from the IRGC.

Oil prices soared and stocks fell in Asia on Monday due to turmoil in the Middle East after US and Israeli strikes on Iran, with the vital Strait of Hormuz effectively shut and several ships attacked.

Prolonged attacks in the Middle East are likely to result in higher prices for crude oil and gasoline, according to energy experts, as oil prices rise sharply due to supply disruptions.