Oil prices jumped to the highest levels since 2022, as South Korean and Japanese indices slump following Iranian closure of Strait of Hormuz

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

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

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…

Oil prices jumped to the highest levels since 2022, as South Korean and Japanese indices slump following Iranian closure of Strait of Hormuz