Oil Prices Surge on Fears of Israeli Strikes Against Iranian Facilities and Shipping in Strait of Hormuz

Oil prices have jumped significantly due to concerns over regional tensions in the Middle East. Brent crude rose by up to 5% to $77.54. The rise in oil prices has also led to an increase in shares of oil companies such as Shell and BP. There are fears that a blockade of a key waterway between Iran and Oman could disrupt oil prices, and that Iran's involvement in the conflict could trigger Israeli strikes on Iranian oil facilities or provoke Tehran to attack Saudi oil fields. US President Biden's comments that he does not expect Israel to retaliate against Iran's missile barrage have not calmed markets, with oil prices continuing to rise.