The US military has "eliminated" 16 Iranian mine-laying ships in the Strait of Hormuz after three commercial vessels were damaged, sparking fears of a global economic stranglehold.
With the vital shipping lane disrupted, the UK and nations like Pakistan and Bangladesh are already seeing inflation spikes, fuel rationing, and school closures.
To fight price rises the International Energy Agency has now authorised the release of 400 million barrels of oil from strategic reserves, to help ease supply. But oil producers are warning that, if the strip of water is not reopened, then we could face a "catastrophic" outcome.
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