Vessels in the Strait of Hormuz seen from Bandar Abbas, Iran. ReutersShow caption: Vessels in the Strait of Hormuz seen from Bandar Abbas, Iran…Crossings through Strait of Hormuz have fallen amid hostilities
Oil prices have surged above $95 a barrel, extending a 4.6 per cent rally from the previous day amid escalating US-Iran hostilities.
US President Donald Trump announced "large and powerful" strikes on Iranian targets near the Strait of Hormuz, citing Iranian sea mines and missile attacks on a US military base in Jordan.
Iran pledged retaliation following the strikes, while Kuwait, Jordan and Bahrain sounded alerts and intercepted missiles on Wednesday morning.
Vessel crossings through the Strait of Hormuz dropped sharply, falling from 23 last Wednesday to 10 on Monday, raising supply disruption fears.
