A near-halt to shipping in strait of Hormuz and attacks on Middle East refineries are threatening supplies and stoking inflation

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Iran has responded to US and Israeli attacks by launching a series of counterstrikes against states across the Middle East, with serious consequences for the oil and gas industry and the global economy.

Tehran has attacked oil facilities in neighbouring countries, while shipping traffic through the strait of Hormuz – the crucial bottleneck at the mouth of the Gulf – has all but ground to a halt.