Oil, gas and UK government borrowing costs prices jump as Middle East tensions ratchet higher – business live

Oil prices hit four-week highs and European shares fall after fresh US-Iran attacks and blockade on Iranian shipping Crude oil prices have hit their highest levels in four weeks, as Washington and Tehran traded attacks and the US reimposed a naval blockade of Iran. Brent crude has jumped $3.79 a barrel to $87.08 a barrel, a 4.55% increase, the highest since 12 June, before the ceasefire. The US and Iran signed a memorandum of understanding to end the conflict on 17 June and engaged in…