Oil and fuel prices jump after Hormuz Strait closure and attacks on Iran

Oil and fuel prices have risen sharply after the Strait of Hormuz was closed and oil facilities in the Middle East were attacked. The attacks, reportedly by the US and Israel on Iran, have disrupted supply and caused European oil futures to briefly hit $85 a barrel.

Maritime insurers have canceled war risk coverage in the Gulf, raising concerns about further energy cost increases. The price spike has also contributed to a drop in stock markets, as investors worry about renewed inflation.