Oil prices surged by the most in four years on Monday as the killing of Iranian supreme leader Ayatollah Ali Khamenei amid a widening conflict between the United States, Israel and Iran brought tanker traffic through the Strait of Hormuz to a near standstill.
Freight costs climbed sharply alongside crude, as traders swiftly priced in the war, which analysts say will have far-reaching consequences for Asia’s heavily import-dependent economies.
Benchmark Brent crude jumped 13 per cent to a high…
Investors brace for a bigger backlash from Middle East war
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