Global oil prices spiked over 5% after US military strikes on Iran, intensifying West Asia tensions and threatening the security of the vital Strait of Hormuz shipping route.

Traders brace for potential export disruptions as tensions flare around Hormuz

Brent crude futures climbed $1.62, or 2.16%, to $76 a barrel, while U.S. West Texas Intermediate crude gained $1.63, or 2.31%, to $72 a barrel. Both benchmarks had already…