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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.<\/p>\n
Brent crude, the international benchmark, rose by 3.34%% to trade at $76.64 per barrel.<\/p>\n
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.<\/p>\n
Centcom said the US strikes were a response to Iran \u201ctargeting and attacking commercial shipping\u201d in the strait, after several reports of tankers being attacked yesterday.<\/p>\n
Iran responded by accusing the US of breaching a memorandum of understanding signed between the countries last month.<\/p>\n
The IRGC said it had staged retaliatory attacks on US military sites in Bahrain and Kuwait in the early hours of this morning.<\/p>\n
Oil and gas prices rose following the US claims. Dutch TTF, Europe\u2019s benchmark gas contract, surged as much as 6% after the tanker was hit as it passed through the channel.<\/p>\n
The UK Maritime Trade Operations (UKMTO) said the strike had caused a fire on the ship off the coast of Oman. It stated: \u201cVessels are advised to transit with caution and report any suspicious activity to UKMTO.\u201d<\/p>\n
Iranian state television said the strike happened after the liquefied natural gas (LNG) tanker ignored warnings.<\/p>\n
At the Nato summit in Ankara, Turkiye, Secretary-General Mark Rutte said the US strikes were \u201cabsolutely necessary\u201d as he accused Iran of violating the ceasefire agreement. <\/p>\n
\u201cI think it is totally crucial that the US forcefully reacts,\u201d he said.<\/p>\n
\u2026more follows<\/p>\n
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