At least seven oil tankers have been struck in and beyond the Persian Gulf since Tuesday evening local time, as the United States and Iran step up tanker attacks in what could mark a dangerous new phase in the war.

US-Iran ship attacks escalate tensions in the Strait of Hormuz, threatening vital oil flows and raising risks of wider conflict over control of the key waterway.

US-Iran tanker attacks are raising fears of oil supply disruptions as Brent crude nears $100. Could the Strait of Hormuz crisis push oil above $100?

Traders in the financial markets reacted to tensions flaring up in the Middle East.