Oil Prices Soar Amid Escalating Middle East Violence

Oil prices have continued to rise due to ongoing violence in the Middle East. Brent crude gained 0.8% to $91.23 per barrel, while US benchmark crude was up 1% at $86.62 per barrel.

The conflict between Iran and the US has resulted in heightened uncertainty over the future of the war. The Strait of Hormuz, which accounts for around 20% of global oil shipments, has been impacted by the fighting.

In Asian share trading, Hong Kong's Hang Seng fell 0.9% to 25,332.10, while Tokyo's Nikkei 225 edged 0.2% higher, reaching 66,420.26.