Oil rises and Asia shares slide as Iran war enters fifth week

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Energy markets expert Sean Foley from Macquarie University said he expected oil prices to rise further unless the conflict eases.

The Houthi strikes have raised concerns that the armed group could stop energy shipments passing through Bab al-Mandeb strait near Yemen, Foley said.

A blockade of the waterway could hit a further 10% of world's oil supply, "putting significant strain on global supply chains", Foley said.

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Global oil prices jumped and stocks fell sharply on Monday in Asia after the US-Israel war with Iran entered its fifth week.

The price of Brent crude rose overnight by more than 3% to above $115 (£86.77) a barrel. It later eased slightly to around $113 but is still on track for its biggest monthly gain on record.