The price of crude oil rose to $80 a barrel and the price of natural gas jumped 30% after Iran effectively sealed off the strategic Strait of Hormuz.

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.

JEDDAH: Oil prices surged by as much as 13 percent on March 2 after retaliatory Iranian attacks disrupted shipping in the Strait of Hormuz, following Israeli and US strikes on…

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.

It comes after prices surged on Monday and as the US is set to announce plans to deal with the rising cost of energy.

The price of crude oil rose to $80 a barrel and the price of natural gas jumped 30% after Iran effectively sealed off the strategic Strait of Hormuz.

Oil prices have soared more than14% this week as tanker traffic through the Strait of Hormuz has ground to a halt. European natural gas has soared more 70%.

Gas and home heating oil prices are on the rise as energy infrastructure falls victim to the escalating Iran war.