Daily brief
Iran is reportedly considering allowing some foreign oil tankers to pass through the Strait of Hormuz on the condition that trade for the oil be conducted using China's yuan currency, not US dollars. At least one tanker from Dynacom and some Indian vessels have been permitted through. The reports come amid broader tensions and ships being stranded in the region.
President Donald Trump threatened to target Iran's Kharg Island, a crucial oil export hub, following US military strikes on Iranian sites there, with Iran warning of potential retaliatory strikes against oil producers (ongoing coverage).
The war in Iran has caused global oil prices to jump over 40%, leading to soaring jet fuel prices and delivering a financial windfall to oil-producing regions like America's oil country.
Iran's foreign minister threatened strikes on assets of US firms in the Middle East if energy facilities are hit, raising fears of a fresh supply shock.
The Johannesburg Stock Exchange hit a 10% correction as the Iran war hurts emerging markets.