Oil prices swing as Iran conflict threatens key shipping route

Oil prices have been volatile, dropping sharply after comments from President Trump and then recovering. The main driver is the threat to global oil supplies from the conflict involving Iran, specifically the risk of mines being laid in the Strait of Hormuz, a critical shipping channel.

This situation is causing wider economic concerns. A G7 statement addressed oil supply security, while analysts warn that higher costs could be passed on to consumers for things like fuel and heating. The market turmoil has also reportedly affected some major investment firms.