Oil Soars as Strait Tensions Escalate | London News

Oil prices surged to $87.08 a barrel as U.S. military strikes on Iran intensified for a third straight night, sending gas prices soaring and rattling global markets. With the Strait of Hormuz nearly gridlocked, supply fears spiked, fueling inflation worries and prompting traders to bet on two quarter-point rate hikes from the Bank of England—and likely the ECB. The U.S. also announced tolls for ships using the strait, adding to price pressure. Stocks tumbled in Europe and the UK, while Asian tech shares staged a partial recovery. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/b896fb5c27ce7a4b