Oil prices swing and markets react as Iran war disrupts shipping and trade

The war involving Iran is causing major disruptions to oil shipments through the Strait of Hormuz, a critical waterway. This has led to volatile oil prices, which recently fell about 5% on hopes for a ceasefire but remain high, trading near $101 a barrel.

The supply disruptions are creating winners and losers in global markets. Hedge fund Caxton has reported extending its losses to $1.3 billion due to the market turmoil. Meanwhile, Russia's fertilizer exports and China's coal chemical sector are benefiting as the conflict hurts their competitors.