Oil prices hit their highest since January, fueled by the escalating conflict between the US and Iran, sparking supply fears.

Oil prices rose sharply, with Brent hitting $78.93 a barrel and WTI $75.73, amid escalating conflict in the Middle East after the US attacks on Iran. The tensions have sparked fears that Iran could close the Strait of Hormuz, a crucial point for global oil supplies. Goldman Sachs estimates the price of Brent could temporarily reach $110 a barrel in the event of major disruptions. Since the conflict began on June 13, prices have risen 13% for Brent and 10% for WTI.