The conflict in Iran has disrupted energy and commodity markets. Iran has effectively closed the narrow strait of Hormuz, a vital oil transit point, attacking more than a dozen ships over the past two weeks that have tried to sail through the waterway.
Donald Trump has been pressing US allies in Europe to help secure the strait, warning on March 15 that it will be “very bad for the future of Nato” if they do not support American efforts to reopen Hormuz. But Iran has vowed to keep the waterway closed.
The disruption to Gulf shipping has caused Brent crude oil prices to jump sharply from around US$70 (£53) a barrel before the crisis began to more than US$100. Global trade in a wide range of other goods – from consumer products to agricultural raw materials – is being affected too.
