Oil prices rise over 3% and European shares fall after Middle East strikes and US blockade of Iranian shipping – business live
Natural gas prices also rise over 3%, after US carries out third night of strikes against Iran and Donald Trump announces 20% fee for ships to transit strait of Hormuz
Gas prices have also risen as tensions between the US and Iran ratchet higher.
The Dutch natural gas contract for August delivery, the European benchmark, rose nearly 3% to €52.8 per megawatt hour.
Investors feel like they’ve hit rewind on a movie they didn’t enjoy first time round. The ability to get shipping through the strait of Hormuz is once again compromised thanks to the renewed tensions between Tehran and Washington.
For now, investors seem to be retaining a measure of calm and hoping a path towards a resolution in the Middle East can still be found. The longer the current situation persists though, the more likely market sentiment takes a more serious hit.
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