Oil prices soared at the opening of the markets on Monday as traffic through the Strait of Hormuz, a vital artery for the movement of crude oil, faces serious disruption.

Brent crude rose by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption

The conflict in the Middle East has sent oil prices soaring, as Brent Crude hit a new 52-week high on Monday.