IEA to consider release of more oil reserves as Iran war keeps prices high

Head of world’s energy watchdog says it will take time for markets to recover from ongoing crisis in strait of Hormuz

Africa particularly vulnerable as Iran conflict disrupts supply chains, say experts

Food production in many African countries depends heavily on fertiliser imported from the Gulf through the strait of Hormuz

Oil could pass 2008 record of $147.50 a barrel as damage and field closures risk compounding supply shock caused by Iran war

Figures from thinktank show Russia received extra €672m in revenues from oil, gas and coal during March so far

Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

Saudi Arabian state oil firm calls crisis by far the biggest but company can reroute 70% of exports via its east-west pipeline

Car group reports 54% drop in pre-tax profits as it says Iran war could affect demand for Audi and Porsche brands

Family-run farms in El Salvador and Honduras face mounting losses, rising costs – and the need to adapt or be left behind

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

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%