A resumption of missile strikes by the US and Iran has put the global economy back on alert and forced the price of oil and gas to rise.
Brent crude, the international benchmark, rose by 3.34%% to trade at $76.64 per barrel.
US Central Command (Centcom) said last night it had hit more than 80 targets, including more than 60 Islamic Revolutionary Guard Corps (IRGC) small vessels in the Strait of Hormuz.
Centcom said the US strikes were a response to Iran “targeting and attacking commercial shipping” in the strait, after several reports of tankers being attacked yesterday.
Iran responded by accusing the US of breaching a memorandum of understanding signed between the countries last month.
The IRGC said it had staged retaliatory attacks on US military sites in Bahrain and Kuwait in the early hours of this morning.
Oil and gas prices rose following the US claims. Dutch TTF, Europe’s benchmark gas contract, surged as much as 6% after the tanker was hit as it passed through the channel.
The UK Maritime Trade Operations (UKMTO) said the strike had caused a fire on the ship off the coast of Oman. It stated: “Vessels are advised to transit with caution and report any suspicious activity to UKMTO.”
Iranian state television said the strike happened after the liquefied natural gas (LNG) tanker ignored warnings.
At the Nato summit in Ankara, Turkiye, Secretary-General Mark Rutte said the US strikes were “absolutely necessary” as he accused Iran of violating the ceasefire agreement.
“I think it is totally crucial that the US forcefully reacts,” he said.
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