Brent crude rises over $85 a barrel for the first time since ceasefire, after US carries out third night of strikes against Iran and Donald Trump announces 20% fee for ships to transit strait of Hormuz Oil prices jumped as much as 3.5% and European shares have opened lower, as escalating tensions between the US and Iran spoked investors. Brent crude has risen through $86 a barrel, and is currently up 3.4% at $86.15 a barrel, after the US carried out a third night of military strikes against Iran and Donald Trump announced a blockade of Iranian shipping and a 20% fee on cargo transiting the strait of Hormuz. That’s even after an extremely strong period for oil trading last quarter when the Iran war fuelled energy shock supercharged earnings which more than doubled year-on-year. It appears that the Middle East uncertainty is here to stay at least for now after the US said it will reimpose a naval blockade on Iran, reversing course after last month’s steps towards a peace deal with Iran. Ongoing higher oil prices are supportive of BP’s share price as well as its earnings in the near-term, but the company’s outlook is highly vulnerable to developments in the Iran conflict beyond its control. Continue reading...