Attacks on Hormuz oil ships hit a record high as the US-Israeli war on Iran nears its eighth month
Brent crude has remained above $100 a barrel, yet markets have grown largely indifferent to the elevated price. To bring fuel costs down ahead of the US midterms, President Donald Trump has eased sanctions on Russia, freeing up its diesel exports. Negotiations with Tehran have made no progress. Trump and Benjamin Netanyahu had expected the war, which began on 28 February, to bring down the Iranian government within two weeks.
In the day before hostilities broke out, Brent crude was trading at an average of $65 to $70 a barrel.
Iran is still shipping some LPG and jet fuel despite the US blockade.
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