The price of futures contracts of Brent crude oil has exceeded $85 per barrel for the first time since mid-2024

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

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

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%.

The price of futures contracts of Brent crude oil has exceeded $85 per barrel for the first time since mid-2024