What US-Iran war means for oil prices, shipping and global markets
Oil surged and global markets slid after a US-Iran war disrupted shipping through the Strait of Hormuz, raising fears of prolonged energy supply shocks and wider economic fallout.
Oil prices rose more than 8% and most global stock markets fell on Monday morning following the outbreak of a US-Iran war over the weekend, which has disrupted shipping through the Strait of Hormuz, sparking investor fears of a prolonged blockade and a global energy shortage.
On Saturday, the United States and Israel announced that they had killed Iran's Supreme Leader Ayatollah Ali Khamenei in an airstrike earlier that day in Tehran. Iran has retaliated by firing barrages of missiles at Israel and US bases in the region, as well as Gulf cities.
Iranian missile and drone attacks have also struck key energy facilities in the region, including an oil refinery in Saudi Arabia and two gas plants in Qatar.
What happened: Brent crude futures were trading at around $78.70 a barrel at 10 a.m. Eastern Time on Monday, after jumping nearly 13% to about $82 when markets opened at 6 p.m. ET on Sunday following the US-Israeli attacks on Iran and disruptions in the Strait of Hormuz.
