Oil prices surge on war

Brent crude has risen toward $96 a barrel following a turbulent weekend that saw shipping traffic through the Persian Gulf come to a virtual standstill.

Market analysts warn that the standoff between Washington and Tehran is creating extreme volatility, with fuel rationing already being considered in some regions.

The price spike is expected to drive inflation higher across major economies, complicating efforts by central banks to manage interest rates.

Energy Secretary Chris Wright cautioned that relief at the pumps may not arrive until 2027 if the war continues to disrupt Middle Eastern exports.