Spike follows claims by Iran’s Revolutionary Guards they struck three US and UK oil tankers in the Gulf and the Strait of Hormuz

Brent crude rose by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption

Spike follows claims by Iran’s Revolutionary Guards they struck three US and UK oil tankers in the Gulf and the Strait of Hormuz

It comes after prices surged on Monday and as the US is set to announce plans to deal with the rising cost of energy.

Prepare for ‘record prices at the pumps’, a motoring industry leader has warned

Oil prices have soared more than14% this week as tanker traffic through the Strait of Hormuz has ground to a halt. European natural gas has soared more 70%.

The president also said he was offering government-backed risk insurance for ships passing through the Gulf region

Millions of barrels of oil and gas are being held up as war breaks out over the major shipping route, with maritime traffic reportedly dropping 80 per cent