Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran. ReutersShow caption: Vessels in the Strait of Hormuz near the beach of Bandar Abb…Washington has threatened more economic pressure on Tehran
Oil prices rose above $90 a barrel on Monday after the US and Iran exchanged strikes for the first time in a month.
US forces struck Iranian rocket launchers on Larak Island near the Strait of Hormuz, preventing an attempted mining of the waterway.
Kharg Island, which handles roughly 90 per cent of Iran's oil exports, was reportedly targeted, with a capacity of seven million barrels per day.
Shipping through the Strait of Hormuz, which once carried a fifth of the world's energy exports, has declined amid escalating hostilities.
