Oil prices surge above $110

The ongoing conflict in the Middle East has triggered a major energy shock, with oil prices reaching their highest levels since 2022.

The International Monetary Fund has warned that the war will likely lead to higher inflation and slower global growth as energy costs ripple through the economy.

Traders are increasingly concerned about a prolonged closure of the Strait of Hormuz, which handles a significant portion of global supply.

Refiners and airlines are already reporting increased costs and supply chain disruptions as the Tuesday deadline approaches.