Oil prices have surged over 60% in just over a week, jumping from US$65 to over US$100 per barrel following a 15% single-day spike. The increase, the largest since the 2022 Russia-Ukraine war, has been driven by disruptions through the Strait of Hormuz, with major producers in Kuwait, UAE and Iraq slowing production due to distribution challenges. The Australian stock market lost $90 billion in value in a single day, marking the biggest 3% drop in over 12 months.

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