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Brent crudejumping as much as 5 , though its since fallen back. Iran is the seventh largest Oil Producer in the world. The markets fear a further escalation of the conflict in the Middle East could mean iran blocks the Straits Of Hormuz a key waterway for Oil And Gas shipments. Meanwhile, israels Military Offensive against the iranian backed Hezbollah Militia goes on after the killing of its leader Hassan Nasrallah last week. Lebanese officials say at least nine people were killed and 14 injured in an israeli Air Strike on a building in central beirut. The multi Storey Block housed a hezbollah affiliated Health Centre Israel said was hit in a precision attack. Its thought the target was a Hezbollah Official who lived in the building. This is a rare israeli strike in the Heart Of The City in the bachoura district, close to lebanons parliament building. Our middle East Correspondent Hugo bachega lets go live. We can cross to beirut and my colleague Anna Foster. We have seen strikes right

Oil facilitiesMiddle eastJoe bidenOil pricesDispute datingBrent crudejumpingStraits of hormuzHassan nasrallahMilitary offensiveAir strikeMulti storey blockCentral beirutHezbollah affiliated health centreHugo bachegaParliament buildingHeart of the city