Stock markets around the world could tumble on Monday and motorists are likely to pay more at the pump What the strikes on Iran mean for oil pricesUS–Israeli war on Iran – latest updatesThe price of oil is expected to soar on Monday despite a pledge by major oil-producing nations to increase production as the US-Israel war on Iran and effective closure of the strait of Hormuz rattle investors.US crude oil is on track to rise by 9% when trading resumes later, according to data from the broker IG. The jump comes despite Opec+, the cartel of oil producers, agreeing on Sunday to step up oil output by more than expected to counter the impact of the conflict. Continue reading...