Oil prices surge on Iran escalation

Global oil prices spiked sharply after President Donald Trump signalled intensified U.S. military operations against Iran, raising fears of prolonged supply disruptions. Brent crude surged nearly 8% to above USD109 per barrel as Iran continued to effectively shut the Strait of Hormuz, a key chokepoint for global oil and LNG flows, while markets await OPEC+ decisions amid escalating geopolitical risks.