While there have been no major disruptions to the global oil supply so far, the attacks on Iran — by Israel and then the US — have rattled investors, sending oil futures soaring by around 10% since the start of hostilities,

Naval forces in the Middle East warned that ships, especially U.S.-linked ones, could be at heightened risk after the U.S. strikes on Iran.

Oil futures declined and U.S. stock indexes rose despite fears Iran will close the Strait of Hormuz, a key waterway for transporting oil around the world.