Oil prices spike amid conflict

The re-imposition of a blockade on the Strait of Hormuz by Iran has triggered a dramatic spike in global oil benchmarks.

US Energy Secretary Chris Wright warned that prices may remain elevated through 2027 if the regional instability persists.

Markets responded sharply to the US seizure of an Iranian vessel, reversing brief hopes for a diplomatic resolution.

Analysts suggest the continued disruption to one-fifth of the world's crude supply poses a significant risk to global economic growth.