The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

Major disruption to energy supplies threatens to push up prices for consumers and businesses around the world.

After its largest increase since the early 1980s over the last week, futures trading on crude oil on Sunday surpassed $100 per barrel.

The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.

Oil prices surged about 20%, hitting their highest since July 2022.

SINGAPORE: Oil prices surged more than 25 percent on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions…