China consumes around 90% of Iran’s oil exports, so could be forced to rely on alternative suppliers – particularly Russia, says Adam Hanieh of the Soas Middle East Institute

A shock to oil supplies is rattling financial markets, driving up prices at the pump and raising fears of a bigger economic hit.

US president describes conflict as ‘very complete’, but threatens further strikes after Iran says it won’t allow ‘one litre of oil’ to leave Middle East while war continues