Oil prices jump and shares fall as conflict escalates

Global oil prices have risen as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the US and Israel.

Brent crude, the global benchmark for oil prices, jumped by 10% to touch more than $82 a barrel on Monday after at least three ships were attacked near the Strait of Hormuz at the weekend. Natural gas prices also surged by as much as 25%.

Iran warned vessels not to pass through the crucial waterway in the south of the country, through which about 20% of the world’s oil and gas is shipped.