UK, Germany and Italy ‘working together’ to navigate commercial shipping through strait of Hormuz - as it happened

Rolling coverage of the latest economic and financial news Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz. The world’s biggest oil company expects to be able to export about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues. Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets and prompting global stocks to rebound after Donald Trump suggested the US-Israel war on Iran could end “very soon”. The FTSE 100 opened higher on Tuesday, following an overnight rally in Asia, which has been one of the most exposed regions to higher energy prices. Europe’s largest automaker, Volkswagen, is to shed 50,000 jobs by the end of the decade, as it faces falling sales in China and North America and punitive US tariffs imposed by Donald Trump. The 10-brand group, whose luxury subsidiaries Porsche and Audi are also under pressure, said the j