- London's FTSE 100 Index, alongside global markets, tumbled after oil prices surged above 100 US dollars a barrel for the first time in nearly four years, driven by a mounting supply crisis from the Iran war.
- Benchmark Brent crude soared by 16% to over 107 dollars a barrel, briefly reaching nearly 120 dollars, representing a 60% increase since the conflict began.
- The market downturn follows Iran's actions to target regional energy infrastructure and block the crucial Strait of Hormuz, a vital shipping route for a fifth of the world's oil.
- European indices, including Germany's Dax and France's Cac 40, dropped 2.6%, while Asian markets also experienced significant declines, with Japan's Nikkei 225 falling 5%.
- Chancellor Rachel Reeves is expected to join an emergency G7 finance ministers' meeting to discuss the crisis, with a potential joint release of petroleum from reserves being considered to mitigate surging oil and petrol prices.
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