Attacks on ships squeeze fuel routes from Hormuz to Black Sea

A widening series of attacks on merchant vessels across the Strait of Hormuz, the Red Sea and the Black Sea is squeezing energy exports and raising the cost of moving fuel, leaving consumers exposed to higher petrol and diesel prices even as crude markets respond to hopes of diplomacy.

Brent crude fell 1.2 per cent to $78.44 a barrel early on Wednesday, August 5, extending its weekly decline beyond 12 per cent. The drop followed reports that the US and Iran had held day-long negotiations over...