A reopening of hostilities in the Middle East has seen the Strait of Hormuz shuttered once more, with the US and Iran exchanging missile strikes to leave hopes of an extended ceasefire in tatters.
One immediate knock-on effect has been a rise in the price of oil, with Brent Crude rising to $87.20 by noon on Tuesday, a one-month high, though still materially lower than the $110-120 range seen regularly through March and April in the first months of the war.
