Iran fires on 3 ships in Strait of Hormuz after Trump extends ceasefire

Iran fired on three ships in the Strait of Hormuz and seized two of them on Wednesday, intensifying its assault on shipping in the key waterway.

The stand-off between the US and Iran has effectively choked off nearly all exports through the strait – where 20 per cent of the world’s traded oil passes in peacetime – with no end in sight.

Iranian media said the paramilitary Revolutionary Guard was bringing the two ships to Iran, marking a further escalation, though the White House said the seizures did not violate ceasefire terms.

The conflict has already sent fuel prices skyrocketing far beyond the region and raised the cost of food and a wide array of other products. The price of Brent crude oil, the international standard, nosed over US$100 per barrel, marking a 35 per cent increase from pre-war levels, but stock markets still appear to be shrugging it off.