During lunchtime trading, Brent crude oil - a global benchmark for oil prices - peaked at just over $115.40 per barrel. Excluding temporary intraday highs of up to $120 per barrel in early March, this is the highest level for oil prices since June 2022.
The price increase is attributed to a supply shock in oil and gas caused by the closure of the Strait of Hormuz. According to the Western energy agency the IEA, we are facing the worst global energy crisis in history.
