Global stock markets have significantly declined, with oil prices surging above $100 a barrel due to escalating fears of supply disruptions through the Strait of Hormuz amid the ongoing US-Israeli conflict with Iran.

• Brent crude jumped to $114.74 and Nymex light sweet to $114.78 in early Asian trading.
• Major Asia-Pacific stock indexes, including Japan's Nikkei 225 (down over 7%) and Hong Kong's Hang Seng (down over 3%), experienced sharp falls.
• The Strait of Hormuz, through which about a fifth of the world's oil supply passes, has seen traffic all but halt since the conflict began a week ago.

G7 nations are convening an emergency meeting to address the economic fallout from the escalating US-Israeli war with Iran, which has sent oil prices soaring and stock markets plummeting.

• Oil prices surged above $100 a barrel, reaching nearly $120 on Monday.
• Finance ministers from leading industrialised countries, including UK Chancellor Rachel Reeves, will discuss the impact.
• A joint release of petroleum from reserves, coordinated by the International Energy Agency, is being considered to mitigate disruptions to supply through the vital Strait of Hormuz.

Bahrain's national oil company, Bapco Energies, has declared a force majeure on its operations following an Iranian drone attack on its refinery early Monday morning. While local demand remains secured, the attack resulted in civilian injuries.

• 32 civilian injuries were confirmed, with four in serious condition.
• The involved entity is Bapco Energies, Bahrain's integrated energy company.
• The attack occurred in the Sitra area and is part of ongoing regional conflict, with Bahrain having destroyed numerous ballistic missiles and drones since February 28.

Asian governments are moving to cap fuel prices in response to surging global oil costs, exacerbated by the US-Israel war with Iran. Crude oil prices have surpassed $100 a barrel amidst concerns of Middle East energy supply disruptions.

• South Korea and Thailand announced measures to set limits on fuel prices.
• South Korean president Lee Jae Myung stated his government would "swiftly implement" a petrol price cap due to the economic burden of energy imports.
• Thailand's Prime Minister Anutin Charnvirakul plans to cap diesel prices for 15 days amid fuel stockpiling fears.