Iran-Israel Tensions Escalate, Oil Prices Soar

0:00This is Global News Today, powered by AI and presented by the Daily News Now, and this episode is brought to you by Surfshark. Simple, affordable, online privacy, links in the episode description. A ship has been hit by an unknown projectile off the Iranian coast, north of Belman and east of the Strait of Hormuz. The UK Maritime Trade Organization reports the fire in the engine room is now under control, but tensions are high in the area. Iran has warned vessels to avoid the strait, a key route for global oil shipments, though it remains open for now. Security sources point to a martial island's flagged oil tanker as the likely target, while Iranian media claims it was sinking after trying to pass. Illegally, though, that's unverified. Escalating attacks between Iran and Israel have added fuel to the fire, following the killing of Iran's top leader and strikes across the Middle East, including in Dubai, Doha, Bahrain, and Kuwait. Dozens of tankers have halted movement to steer

1:00clear of the strait. Oil markets are reacting sharply, with over-the-counter trades showing Brent crude of about 10% to $80 a barrel already at its. Highest since July, after Friday's $73 close. Analysts fear at the top $100 if fighting drags on, despite OPEC-plus agreeing to boost output by $206,000 a day. Drivers could feel the pinch soon, as experts warned petrol prices might climb to pandemic highs above 190 pence per liter from today's 133. With supply chains at risk, the world watches closely for what comes next.