Brent crude has spiked nearly 7% to $126 a barrel, its highest since 2022, after reports that Trump is about to be briefed on fresh military options against Iran. Here's what it means for UK wallets.
US petrol prices have hit $4.23 a gallon, the highest since the 2022 Ukraine invasion, as the Strait of Hormuz crisis squeezes global oil supply and Trump's approval slides.
US and Iranian delegations held landmark talks in Islamabad, brokered by Pakistan, as a fragile ceasefire teeters and deadly strikes in Lebanon threaten to derail peace efforts.
The UK insists it will not join the US-Israeli offensive against Iran, but the reality is far more nuanced, with base access granted, drones intercepted, and Trump publicly fuming at Starmer's refusal to fully commit.
Iran has rejected a 45-day ceasefire proposal brokered by Egypt, Pakistan and Turkey, demanding a permanent end to the war instead. With Trump's Tuesday deadline looming and threats of infrastructure strikes escalating, the six-week conflict shows no sign of resolution.
The Strait of Hormuz crisis threatens far more than oil supplies. From fertilisers and helium to generic medicines and semiconductors, a near-total shipping shutdown is sending shockwaves through global supply chains.
Israel claims to have killed Alireza Tangsiri, the IRGC navy commander behind the Strait of Hormuz blockade, in a pre-dawn strike on Bandar Abbas. Iran has not confirmed his death.
The Philippines has become the first country to formally declare a national energy emergency over the Iran conflict, signing Executive Order 110 as the Strait of Hormuz closure threatens a nation reliant on the Middle East for up to 98 per cent of its oil.
Trump issued Iran a 48-hour ultimatum to reopen the Strait of Hormuz, then reversed course with a five-day extension while squeezing in a trip to Graceland, as both sides trade contradictory claims about whether talks are even happening.
PM Keir Starmer warned MPs against assuming the Iran war will end quickly, stressing it is 'not our war' while the UK quietly ramps up its military posture in the region.
The National Farmers' Union warns that the Iran war's closure of the Strait of Hormuz is driving up fuel and fertiliser costs, with cucumber, tomato and pepper prices expected to rise within six weeks and broader grocery bills to follow.
The IEA has published a 10-point plan urging people worldwide to work from home, reduce speed limits, and cut business flights in response to the worst oil supply disruption in history caused by the effective closure of the Strait of Hormuz.