London, March 9 -- Global oil prices have surged at high levels at the start of the week as markets react to fears of global energy supply disruption, due to the war in West Asia and the Iranian blockade of the Strait of Hormuz.
The price of Brent crude briefly climbed close to $120 (£90) per barrel early on Monday before easing back to about $104 later in the day. Even after that pullback, prices remain sharply higher than the $93 per barrel level seen at the end of last week, reports BBC.
Gas markets have also been hit by the uncertainty. In the UK, wholesale gas prices jumped almost 25% at the start of trading to 171p per thm, before slipping back to roughly 156p.
Stock markets across Europe have also moved lower, following heavy...