Oil prices have risen sharply following US and Israeli attacks on Iran, which have disrupted the global energy supply chain. Brent crude has risen by 9 percent and West Texas intermediate crude oil has also risen by 8.6 percent. US President Donald Trump warned that strikes on Iran could last weeks. The Strait of Hormuz, a vital waterway for global oil trade, has been targeted by US and Israel, leading to a halt of global oil supply. The Organization of the Petroleum Exporting Countries announced it would increase production by 206,000 barrels per day in April, more than analysts had been expecting. The increased production could lead to higher petrol prices and increased inflation. However, China's oil imports from the Middle East could increase energy prices.