Global oil prices are surging in anticipation of a supply shock due to the escalating conflict around the Strait of Hormuz, according to Petroliam Nasional Bhd (Petronas).

At the time of writing, the Brent crude oil price rose 0.97 percent to US$74.95 per barrel.

Petronas president and group chief executive officer Tengku Taufik Tengku Aziz described the price rally as...