Iran strikes ships in vital sea route; oil prices jump and shipping stalls

Iranian missiles hit at least three cargo ships in a narrow waterway between Iran and Oman on July 7, risking an explosion on one Qatari vessel. Four ships turned back. This passage carries about one-fifth of the world's daily oil supply. Oil prices rose 6% to over $78 per barrel—the highest since a ceasefire in June. European natural gas prices jumped 5%.