Global oil prices surge past $110

The energy market is facing severe volatility as the effective closure of the world's most important shipping choke point enters a second month.

Brent crude and WTI have both seen significant gains, with analysts predicting prices could reach $150 if military escalation destroys Iranian production facilities.

Major importers like India are pivoting to Venezuelan crude to mitigate the supply crunch, while European gas prices have also ticked higher.

The economic fallout is being felt globally, with shipping companies estimating it will take at least two months to resume normal operations even if a ceasefire is reached.