Brent crude jumped by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption

Oil prices rose and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption.

Brent crude jumped by as much as 13% during early trading – to hit $82 per barrel, a 14-month high – as the effective closure of the strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies.