Oil prices surged over 8 percent to their highest in months as Iran and Israel intensified attacks in the Middle East. Brent crude futures reached $82.37 a barrel, while US West Texas Intermediate crude jumped to $72.38.
New strikes on Tehran and Iranian missile barrages followed the killing of Supreme Leader Ali Khamenei, plunging the region and global economy into uncertainty. At least three tankers were damaged, and one seafarer was killed in Iranian retaliation.
Major shipping routes, including the Strait of Hormuz, have seen shipments suspended. Over 20 percent of global oil passes through this vital waterway. Experts warn that a closure could result in a loss of 8 to 10 million barrels per day of crude oil supply, even with alternative routes.