Oil prices surge as Strait of Hormuz transits drop 50% amid U.S.-Iran combat. Analysts warn of severe supply shocks and $120 Brent crude.

Oil prices rallied on Monday after conflict between the United States and Iran intensified, raising fresh concerns over crude supplies from the Middle East as shipping through the…

Brent crude futures climb 2.37pc to $90.19, touching the highest since June 11; US WTI reaches $84.20 a barrel, up 2.07pc, the loftiest since June 12.