Strikes stoke fears of escalating regional conflict that could shut down vital strait of Hormuz shipping route

Strikes stoke fears of escalating regional conflict that could shut down vital strait of Hormuz shipping route

Oil markets are reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.

Oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against US attacks on its nuclear sites.

Brent crude futures were up $1.52 or 1.97 per cent to $78.53 a barrel as of 6am UK time. US West Texas Intermediate crude advanced $1.51 or 2.04 per cent to $75.35.