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%.

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

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…