Share markets slipped in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices surging and rekindling inflation risks globally.
Brent crude climbed 3.3 per cent in early trade to reach $78.50 a barrel, up from the recent trough of $70.14, while US crude added 3.4 per cent to $73.83 a barrel. US officials said around 20 vessels had been escorted through the strait in the previous 24 hours, though ship tracking sites showed little traffic moving.
