Oil prices surge above $110 and shares slide over Iran war

Markets reacted violently: prices jumped roughly 10% in about a minute and rose a further 10% in the next 15 minutes in early Asian trading.

“- Published Global oil prices have jumped above $110 (£82”

BBC

Some analysts warn that if the shutdown in the strait lasts until the end of March, oil could reach record prices above $150 a barrel.

BBC

Adnan Mazarei from the Peterson Institute for International Economics said the jump was expected given halted production in some Gulf countries and signs of a prolonged conflict.

He said, 'People are realising that this won't end quickly,' and added that promises of insurances and objectives laid out by the US are 'becoming more unrealistic.'

US President Donald Trump said short term rises were a 'small price to pay' for removing Iran's nuclear threat.

The US energy secretary told broadcasters that Israel, not the US, was targeting Iran's energy infrastructure.

The article notes the rise in oil prices could increase the cost of jet fuel and vital precursors for fertilisers.