FTSE 100 LIVE: Oil costs surge and shares stoop amid Israel-Iran strikes | UK | News | EUROtoday

Financial professional Stephen Innes has warned of 1 issue which might additional affect oil costs.

He stated: “The Middle East powder keg just blew the lid off global markets.”

Mr Innes described Israel’s assaults deep into Iranian territory as marking probably the most aggressive escalation but in a regional shadow warfare that’s been simmering for years.

The professional stated: “Equity futures are plummeting. Bond yields are sinking. Gold and oil are skyrocketing.

“Brent crude futures are racing towards the mid-$70s vary – but when the Strait of Hormuz, which accounts for 20% of worldwide oil flows, finds itself within the blast radius, you’ll be able to add one other $15 to the bid.”