India, March 2 -- Global oil markets surged into crisis mode after coordinated strikes by the United States and Israel against Iran over the weekend, triggering a sharp rally in crude prices and reigniting fears of prolonged supply shocks tied to the Strait of Hormuz, the maritime chokepoint through which around 20 percent of global oil exports transit.

The escalation follows intensifying military developments detailed in our earlier coverage of US and Israeli strikes on Tehran, a move that has dramatically raised regional tensions and market uncertainty.

Brent crude jumped roughly 10% to about $80 per barrel in over-the-counter trading immediately after the attacks, and analysts warned that prices could approach or exceed $100 a barre...