The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

Ongoing conflict between Middle Eastern countries Iran and Israel has got the world concerned about the impact of supply disruptions in global oil

Oil prices rose after Israel and Iran continued their attacks on each other over the weekend. The market is preparing for an escalation that could disrupt supplies from the region, which accounts for about a third of global crude oil production,