Stephen Carroll

Oil prices have also surged as traders assess the effect of the conflict on supplies and transit links through the Strait of Hormuz.

Global benchmark Brent crude is about 8% higher this morning, above $78 a barrel after earlier rallying by as much as 13%, to the highest since January 2025.

Tanker traffic through the strait, which handles a fifth of the world's oil, has largely stopped.

Iranian authorities said yesterday that they had attacked three oil vessels, while President Trump said the US forces sank nine Iranian naval ships.

At their monthly meeting, OPEC Plus agreed to increase oil production by 206,000 barrels a day, only slightly higher than the pace they had agreed at previous meetings.

And travel chaos has extended through the Middle East and beyond, causing major disruption at some of the world's busiest airports.

Carriers across the Persian Gulf are extending an unprecedented flight suspension after Iran targeted airports over the weekend.

European airline stocks have plunged in trading today.

IAG, the British Airways owner, shares are down by over 6%.

Air France, KLM, 7.8% lower.

Bloomberg's transport reporter, Danny Lee, says it's not clear when the air traffic disruption might end.

Danny Lee adds the disruption also extends to flights which is normally passed through the airspace.

Tens of thousands of people have been stranded in a region that functions as a global super connector.

And those are your top stories on the markets.

The stock 600 1.7% lower.

The FTSE Mib in Italy down by 2.3%.

The FTSE 109 tenths lower.

Oil prices 8% higher for Brent crude this morning, $78.62.

The Bloomberg dollar spot index up by half of 1%.

The euro 7 tenths weaker at 1.17%.