Oil prices surge as Iran-Israel conflict escalates

Oil prices have surged after Iran and Israel exchanged missile attacks, escalating tensions in the Middle East. The conflict has raised fears about disruptions to oil supplies from the region, including risks to Red Sea exports. Some headlines also mention a possible reopening of the Strait of Hormuz with a new toll system, though details remain unclear.

The price spike comes as global markets are already on edge. Tech stocks have fallen, and there are warnings that the global economy could be vulnerable to further oil price increases. In Europe, fuel sales dropped 3.5% as higher prices hit consumers. Meanwhile, China's LNG imports hit their highest point since the conflict began, even as weak demand forces cuts to Iranian crude prices.