Strait of Hormuz crisis sends oil price close to $120 as Middle East conflict rattles markets
Oil prices surged to their highest levels in nearly three years as escalating conflict in the Middle East disrupted energy supplies and triggered fears of a major global shock to oil markets. The global benchmark Brent crude oil briefly climbed to $119.50 a barrel in overnight trading, the first time prices have approached $120 since 2022, before easing back to around $107 after reports that the Group of Seven could release strategic oil reserves to...










