Oil price jumps over 4% and gold slides as the US and Iran trade attacks –business live

Tensions between the US and Iran have sent shockwaves through global markets, with oil prices jumping over 4% and Asian shares, particularly South Korea's Kospi, plummeting nearly 10%. The situation escalated as Iran claimed to have closed the Strait of Hormuz, a critical shipping route, while the US maintained it remained open despite the threat. This geopolitical friction is causing significant economic uncertainty, highlighting the fragile state of international relations and their immediate impact on financial markets.