Oil and gas prices have jumped again as shipping through the strait of Hormuz came to a virtual standstill. Lucy Hough speaks to the Guardian’s energy correspondent Jillian Ambrose

New attacks on the strait, through which roughly one-fifth of the world’s oil normally passes, threatened to deepen the global energy crisis.

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.

Oil and gas prices have jumped again as shipping through the strait of Hormuz came to a virtual standstill. Lucy Hough speaks to the Guardian’s energy correspondent Jillian Ambrose

Earlier, U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before it was due to expire.

Iran’s plan to extract a $2m payment from tankers using the strait of Hormuz could raise costs for years to come