Oil prices spike as Middle East conflict disrupts supply
Business
Oil prices are spiking, with Brent crude almost hitting $120 a barrel after conflict in the Middle East led to the closure of the key Strait of Hormuz.
This chokepoint's shutdown has thrown global energy markets into chaos, pushing countries like Kuwait and Iraq to cut production as storage fills up.
Prices jumped as much as 28%, their largest intraday move since April 2020.
Countries affected by the disruption
The supply crunch is making waves worldwide.
Saudi Arabia has had to fend off drone attacks on its oil fields, while China paused fuel exports and South Korea is thinking about capping oil prices.
If the disruption persists, pump prices could rise and some consumer prices may increase.