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The Guardian - UK

Business

Lauren Almeida and Julia Kollewe

Oil price jumps as US-Iran clashes raise odds of interest rate rises

Oil United States Iran Donald Trump United Kingdom Bank of England ECB

The USS Rafael Peralta implementing a maritime blockade against the Iran-flagged crude oil tanker vessel Herby in May — The USS Rafael Peralta implementing a maritime blockade against the Iran-flagged crude oil tanker vessel Herby in May. Donald Trump has announced a new blockade of Iranian shipping. Photograph: US Navy/AFP/Getty Images

Oil and gas prices jumped and expectations of interest rate rises in Europe increased on Tuesday after the US carried out a third night of military strikes against Iran.

However, they later eased back after Donald Trump said he would abandon his proposal for the US to levy a 20% fee on cargo passing through the strait of Hormuz.

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