Oil price heading for biggest weekly gain in four years, as strait of Hormuz traffic grinds to a halt – business live

Rolling coverage of the latest economic and financial news

Iran war live updates: US temporarily lets India buy Russian oil amid energy fears; Israeli military launches strikes on Beirut

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The oil price is on track for its biggest monthly gain in four years, fuelling fears of an inflation spike that will reignite the cost of living crisis and hurt growth around the globe.

The Iran conflict has driven Brent crude, the international benchmark, has soared by 17.65% this week to over $85 a barrel. That would be the biggest jump since the week to 4 March 2022, after Russia invaded Ukraine.