How high could oil prices go – and what might the global economic fallout be?

Crude prices could surpass their 2008 record, with potentially dire effects for consumers and businesses

G7 ready to take ‘necessary measures’ over economic impact of Iran war

Finance ministers monitoring situation but stop short of agreeing to release emergency oil reserves

Governments are having to wake up to the fact they will have to take a closer interest in supply chains for essentials

Central bankers and economists warn prolonged conflict could raise retail prices and rip up growth forecasts

As the US waives its ban on India buying Putin’s oil for 30 days, Europe must bolster its own measures, such as stopping the flow of luxury cars

Seafarer tells of explosions in the sky as thousands stuck on vessels after strait of Hormuz is effectively closed to shipping

FTSE 100 and France’s CAC down 1.5%; Germany’s DAX and Italy’s FTSE MIB down 1.6%; the Dow Jones was down 2%

Reports of attack on US registered tanker in Gulf lifts crude by 3% to $84 a barrel as gas price also starts to climb

UK’s FTSE 100 up by more than 50 points, while pan-European Stoxx 600 share index rises 1.2%

FTSE 100 on track for its worst day in 11 months, while Japan’s Nikkei and South Korea’s Kospi also fall

Europe and Asia will take an economic hit if the supply of Qatari LNG is halted by the closure of the strait of Hormuz

Strait of Hormuz is effectively closed and vessels rerouted, sending some freight costs surging

QatarEnergy says it has halted production of liquefied natural gas after attacks on Ras Laffan and Mesaieed sites

Effects of extended conflict between US and Iran could also lead to higher interest rates and hit economic growth

Markets around the world could tumble on Monday and motorists are likely to pay more at the pump