Gas prices are climbing across the United States as rising tensions in the Middle East push oil prices to their highest levels in years.

Stocks have recouped their overnight losses, but while oil is full of sound and fury, the decline in equities is likely to be more of a slow burn," IG's Chris Beauchamp noted. "US stocks had struggled for weeks before the conflict broke out,

Oil prices surged well above $110 a barrel on Monday, its highest level since the pandemic, reflecting global fears of a prolonged Middle East conflict.

The cost of hauling crude oil from the Middle East to China rose more than 94% to hit a record high of $423,736 per day on Monday.

By closing the Strait of Hormuz and attacking oil and gas facilities in Gulf countries, Tehran is driving up hydrocarbon prices. But renewable energy – largely dominated by China – is not immune to

Analysts have said that US policy options will have little effect on the global oil markets as long as the conflict blocks Middle East oil exports

A continental collision trapped oil within what is today Iran. The same collision explains why that oil is trapped behind the Strait of Hormuz now

The high prices came as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.

By Rajendra Jadhav and Ashley Tang MUMBAI/KUALA LUMPUR, March 9 (Reuters) - Rising crude oil prices and higher freight rates driven by the Middle East conflict could boost demand for palm oil from the biodiesel sector and for food use,

Middle East conflict has posed a fresh test to central banks, with fears of an oil shock and renewed inflation risks changing their bid to shore up growth.

Israeli military said it would also target every person who seeks to appoint a successor for killed supreme leader Ali Khamenei

Asia depends on oil and gas from the Middle East, sourcing 60% of its crude from the region, making it highly vulnerable if the Iran war causes a prolonged closure of the Strait of Hormuz supply ​route.