Oil prices rise and stock markets dip as Iran war threatens global economy

Brent crude up 13% in early trading with markets under pressure as US-Israeli strikes on Iran effectively close strait of Hormuz to shippingBusiness live – latest updatesOil prices rose and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption.Brent crude jumped by as much as 13% during early trading – to hit $82 a barrel, a 14-month high – as the effective closure of the strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies. Continue reading...