- Iran has declared the Strait of Hormuz "closed" and threatened "harsh measures" for any transit, leading to a surge in Brent crude oil prices to $110 a barrel, the second-highest level since the US offensive against Iran began last month.
- The Strait of Hormuz is a critical global chokepoint, through which approximately 20 per cent of the world’s gas and oil is shipped, and continued Iranian threats are severely disrupting global trade and shipping traffic, with several tankers already attacked.
- Donald Trump has once again extended the deadline for Iran to reopen the waterway, threatening the destruction of its energy plants after Tehran rejected a 15-point US proposal to end the conflict, with reports suggesting the US is considering sending an additional 10,000 troops to the Middle East.
- The rising oil prices, nearing levels seen during the first year of Russia’s invasion of Ukraine, are expected to significantly impact the UK’s cost of living through increased energy and fuel prices, with warnings of potential rises in food costs due to transportation.
- Larry Fink, co-founder of BlackRock, warned that a prolonged conflict could push oil prices to $150, leading to a "stark and steep recession" globally, while UK Foreign Secretary Yvette Cooper stated Iran "cannot hold the global economy hostage" during discussions with international counterparts.
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