India, March 9 -- Global oil prices surged above $110 (£82.74) a barrel on Monday, while stock markets slumped amid escalating tensions in the Middle East.

Media reports indicate that the US and Israel launched a fresh wave of airstrikes across Iran over the weekend, targeting key oil depots. Analysts warn that such disruptions to energy supplies could push up costs for consumers and businesses worldwide, according to the BBC.

In early Asian trading, Brent crude rose nearly 24% to $114.74 a barrel, while Nymex light sweet crude increased more than 26% to $114.78. The surge comes amid ongoing disruptions to shipments through the Strait of Hormuz, one of the world's most strategically sensitive shipping routes.

The Strait of Hormuz ...