Vessels sail near the Strait of Hormuz. Iran claims passage through the waterway is 'not possible'. ReutersInfoBrent surges more than 4 per cent as US-Iran conflict escalates
Oil prices surged 4 per cent on Monday, with Brent crude rising above $79 a barrel amid fears of a prolonged disruption to the Strait of Hormuz.
The US launched a fourth wave of strikes on Iran, hitting "dozens" of additional targets using one-way attack drones at sea for the first time.
Iran retaliated with drone and missile attacks on US-linked sites in Bahrain, Kuwait and Jordan, while declaring passage through Hormuz "not possible."
Global oil output remains 9.4 million barrels per day below pre-war levels, though the International Energy Agency forecasts a market surplus by 2027.
