Oil prices surged after fresh US-Iran strikes raised Strait of Hormuz supply fears. Goldman Sachs lifted its oil forecast as global markets turned volatile.

Brent crude climbs more than 4 percent as Washington and Tehran clash over control of critical waterway.

Brent crude climbed above $78 and WTI gained over 3% as escalating Iran-US tensions and threats to Strait of Hormuz shipping raised global supply concerns.

Brent crude climbs 3.3 per cent in early trade to reach $78.50 a barrel

Brent surges more than 4 per cent as US-Iran conflict escalates