Commodities
US-Iran Conflict Sends Oil Prices Soaring
Oil prices surged nearly 1% in early trade on Wednesday as the latest US-Iran military escalation heightened fears of supply disruption.
The Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while US West Texas Intermediate crude gained 80 cents, or 0.89%, to $91.02.
A key concern for oil markets is the Strait of Hormuz, through which around one-fifth of the world's oil consumption passed before the conflict.
Iran has effectively shut the waterway to commercial shipping, and attacks on two tankers leaving the strait on Monday have already forced traders to seek alternative crude supplies.