Israel-Iran LIVE: Iran attacks 3 ships in Strait of Hormuz

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 attacks came a day after U.S. President Donald Trump extended a ceasefire while maintaining an American blockade of Iranian ports.

The standoff between the U.S. and Iran has effectively choked off nearly all exports through the strait — where 20% 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 didn’t violate ceasefire terms.

The conflict has already sent gas 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 $100 per barrel, marking a 35% increase from prewar levels, but stock markets still appear to be shrugging it off.

The European Union energy commissioner, Dan Jørgensen, warned of lasting impact for consumers and businesses, likening it to other major energy crises over the last half-century. He said the disruption is costing Europe around 500 million euros ($600 million) each day. 

-AP