The Latest Breaking News on Donald Trump's Magic Touch Holds As Oil Prices Retreat

This narrow shipping route in the Gulf region sees one-fifth of global oil and liquefied natural gas (LNG) passing through, fuelling a big part of the global economy. And Iran controls its northern side.

Crude oil prices surged following Iran vote to close critical Strait of Hormuz in wake of US bombings

Around 84 percent of oil passing through the Strait of Hormuz is destined for Asia, leaving the economies of China, India, South Korea and others vulnerable should Iran blockade the crucial trading route over US strikes on its nuclear sites.

The price of oil rising impacts on fuel, transport, production and inflation

The Strait of Hormuz carries 20% of global oil daily, but Iran's threats to close it amid 2025 tensions could push prices to £80 ($100) per barrel. Learn why this waterway is critical and what's at stake.

Investors are unconcerned about major oil disruptions, reasoning that Iran is unlikely to close the Strait of Hormuz and harm its own economy.

September S&P 500 E-Mini futures (ESU25) are up +0.06%, and September Nasdaq 100 E-Mini futures (NQU25) are up +0.04% this morning, pointing to a muted open on Wall Street as investors await Tehran’s response after the U.S. struck Iran’s nuclear facilities.

Some analysts fear oil prices could hit 100 US dollars (£74.43) a barrel if Iran closes the Strait of Hormuz shipping route.

The Iranian parliament approved a measure to close the Strait of Hormuz, through which around 20 per cent of global oil and gas flows