Oil markets watch Hormuz Strait after US and Israeli strikes on Iran

Recent US and Israeli military strikes against Iran have raised concerns about the security of the Strait of Hormuz, a critical waterway for global oil shipments. Analysts are warning that any disruption to shipping through the strait could cause oil prices to spike, potentially reaching $110 per barrel, and impact global trade.

Markets are preparing for this risk, with some investors turning to assets like gold and cryptocurrencies that can be traded around the clock. Countries heavily reliant on oil imports, like India, are particularly focused on the potential consequences of a closure of this key route.