00:00Oil prices have such past the $100 mark as conflict in the Middle East intensifies.
00:06Brent coal jumped 17% on Monday to trade at $107 a barrel.
00:12That's the highest level since 2022 when Russia's invasion of Ukraine royal global energy markets.
00:18The spike comes as Iran names the late supreme leader Sun as a new head of Islamic Republic,
00:24deepening political uncertainty in the region.
00:27At sea, around 10 vessels in or near the Strait of Hormuz have been attacked
00:32since Iran moved to block the strategic waterway in response to U.S.-Israeli airstrikes.
00:38The Strait of Hormuz typically handles around 20% of the world's oil and liquefied natural gas shipments,
00:44but tanker traffic there has plunged by roughly 90% over the past week.
00:49Earlier this month, the senior commander in Iran's Revolutionary Guards warned that Iran will attack any ship
00:55trying to cross through the Strait.
00:57Yet on Thursday, Iran's Foreign Minister Abbas Araqchi
01:00insists that Iran has no intention of closing the Strait of Hormuz.
01:04Analysts say markets are now bracing for further volatility
01:07as traders weigh the risk of supply disruptions.
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