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Global oil prices have jumped above $110 a barrel as the ongoing US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.

Major disruption to energy supplies from the region had been threatening to push up prices for consumers and businesses around the world.

Early on 9 March, global benchmark Brent crude was almost 24% higher at $114.74, its highest level in nearly four years. Prices later rose further and was trading over $115 a barrel as of 9am Gulf Standard Time.

On 8 March, Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.

The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.

About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started on 28 February. The physical supplies from the Gulf are mainly consumed in Asia.

Many in the markets predicted that oil would hit the $100 a barrel mark this week.

Last week the markets seemed relatively relaxed about the scenario of millions of barrels of crude and liquefied natural gas being trapped in the Gulf, unable to transit the Strait of Hormuz.

The escalations over the weekend, alongside scenes of the destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.

US President Donald Trump responded to the jump in prices by saying that short term rises were a "small price to pay" for removing Iran's nuclear threat.

His energy secretary, Chris Wright, told US broadcasters on 9 March that Israel, not the US, was targeting Iran's energy infrastructure, amid some concern about rising domestic pump prices caused by the war.