Global oil prices spiked sharply Monday morning as the US-Israeli war on Iran fuelled fears of prolonged disruption to Strait of Hormuz shipments. Brent crude hit $114.74 (+24%) and Nymex light sweet reached $114.78 (+26%). Asian stock markets fell sharply: Nikkei down 7%, Hang Seng -3%, ASX -4%. The strikes on Iranian oil depots and the naming of Mojtaba Khamenei as Supreme Leader reinforced market fears that the conflict will be prolonged. Sources: BBC, Al Jazeera.