A brief period of de-escalation following the ceasefire agreed between the United States and Iran has proved short-lived, as a fresh crisis in the Strait of Hormuz reignites pressure on global oil markets and drives international prices higher once again, with knock-on effects already being felt across Europe’s fuel market.

Passage through the strait, one of the world’s most critical oil shipping routes, is once more regarded as extremely hazardous. In recent days, tankers passing through the waterway have come under repeated attack, both from Iranian forces and from Yemen’s Houthi rebels.

The United States has warned it will target Iranian bridges and energy infrastructure if the attacks continue. Today, US Central Command (CENTCOM) announced that dozens of military targets inside Iran had already been struck, including command centres, missile and drone facilities, coastal surveillance and defence installations, and naval assets belonging to Iran’s Islamic Revolutionary Guard Corps.

The escalation has already triggered significant volatility in oil and fuel prices across Europe.