Oil prices have surged, with Brent crude hitting US$108 per barrel for the first time since May, as traders brace for a more prolonged supply shock caused by the Iran war.

US-Iran clashes hit tankers, choke key Gulf route and lift crude prices

Oil prices surge as Brent nears $100 after Saudi energy attacks and Iran-US threats raise fears of supply disruptions through the Strait of Hormuz. | Business News

Renewed fighting stokes fears of deeper disruptions

Traders in the financial markets reacted to tensions flaring up in the Middle East.