OIL surged by the most in four years as traders gauged the impact of the effective closure of the Strait of Hormuz triggered by US and Israeli strikes against Iran, and the latest exchanges of fire in the region.
Global benchmark Brent was about 8% higher near $79 a barrel, after earlier rallying by as much as 13% to the highest since January 2025. Tanker traffic through the strait - the chokepoint off Iran’s coast that handles a fifth of the world’s oil and large volumes of gas - has largely halted, with a self-imposed pause in place by shipowners and traders as the conflict spreads.
