Oil prices posted the biggest rise in decades this month as the war in Iran chokes global energy supplies and sends shockwaves across major financial markets and economies.
Brent crude, the international benchmark, settled at $118.35 on Tuesday, close to its highest level since the start of the conflict in the Middle East, as traders fearing a prolonged shutdown of the Strait of Hormuz rushed to secure cargoes.
The price has risen more than 60 per cent in March, eclipsing the previous record gain of 46 per cent following Iraq’s invasion of Kuwait in 1990.
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