Middle East crisis live: Iran launches strikes on US bases in Gulf; oil prices drop after Trump ‘peace plan’ report
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Iran's Revolutionary Guards have launched missile strikes targeting US and Israeli forces stationed in Kuwait, Jordan, and Bahrain. In response to these escalating tensions, crude oil prices have experienced a significant drop in early trading. The ongoing conflict has also led to disruptions in international fertilizer supplies, raising concerns about food scarcity and increased prices globally.
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The strait of Hormuz is a vital maritime route through which a significant portion of the world's oil and fertilizer supplies pass. Since the onset of the conflict, Iran's control over this passage has raised alarms about potential shortages and price hikes in essential commodities. The international community is closely monitoring these developments as they could have far-reaching consequences.
This article reflects the situation as of the date of publication and may be subject to change as new information emerges.
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