Iran has launched drone strikes on oil infrastructure in Oman and attacked ships in the Strait of Hormuz, vowing to drive oil prices to $200 per barrel by blocking the critical trade route that carries more than 20 per cent of the world's oil. The International Energy Agency and member countries, including the US, are releasing 400 million barrels from emergency reserves to stabilise prices at around $87 per barrel. The Pentagon reports striking more than 5,500 targets inside Iran, with President Trump stating the Iranian military has lost its navy, air force, radar systems and anti-aircraft capabilities.

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