Oil prices surge past $140 as global markets brace for impact

Oil prices have surged past $140 as markets around the world react to the escalating Middle East conflict and the threat to supplies.

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Shipping through the Strait of Hormuz is on its highest alert level, with vessels rerouting around the vital chokepoint that carries much of the world's crude.

Airlines are warning of a fuel cost surge, with jet fuel at a decade high, while gold has hit a record as investors rush for safety.

World leaders are pleading for a ceasefire, and the United Nations has called an emergency session as the shock spreads through the global economy.