18 minutes ago

6.50am GMT+1

Markets don’t expect Iran to close strait

Oil prices briefly spiked as investors waited to see if Iran would retaliate against US attacks on its nuclear sites.

However, Brent crude prices eased back from close to $80 a barrel to $77.90 – still a rise of 1.13 per cent – as many analysts still do not expect Tehran to act on its threat to block the Strait of Hormuz, in part because it would be likely to harm Iranian allies and customers more than it would hurt America.