Oil prices rise and shipping routes disrupted after Iran conflict

A conflict involving Iran has caused oil prices to rise above $81 per barrel in the US and has pushed diesel prices in the UK to a 16-month high. The situation has exposed risks for oil supplies across Asia and is putting pressure on global shipping.

Shipping routes through the Strait of Hormuz have been disrupted, leaving cargo stranded and creating a squeeze for tankers. This has caused Russian oil shipments to swing back toward India as other supplies are affected.