Stephen Carroll

He says the response isn't a surprise.

Mukesh Sadev from Ex-Analyst speaking to Bloomberg earlier this morning.

Tanker traffic through the strait, which handles a fifth of the world's oil, has largely stopped.

Iranian authorities said yesterday that they had attacked three oil vessels, while President Donald Trump said that U.S.

forces sank nine Iranian naval ships.

At their monthly meeting, OPEC Plus agreed to increase oil production by 206,000 barrels per day, only slightly higher than the pace agreed at previous meetings.

Ahead of markets opening today, Goldman Sachs is predicting that European natural gas prices could more than double.

That's as markets consider the impact of potential disruption in the Strait of Hormuz.

Bloomberg's Tiwa Adebayo has more.

Travel chaos has extended through the Middle East and beyond, causing major disruptions at some of the world's busiest airports.

Carriers across the Persian Gulf are extending an unprecedented blanket flight suspension after Iran targeted airports in its weekend offensive.

Bloomberg's aviation and transport reporter Danny Lee says it's not clear when the disruption might end.

We're looking at around thousands of flights a day being cancelled in and out of some of these key transit hubs, particularly Dubai, the world's busiest international airport for transit travel.

And that also extends to Abu Dhabi and Doha.

So with the region's airspace also being closed, it really means that the airlines cannot operate in the Persian Gulf.

Danny Lee, as the disruption also extends to flights which would normally pass through the airspace.

Tens of thousands of people have been stranded in a region that functions as a global super connector.

The crisis has also hit airline stocks, which have plunged as investors digest the impact of axed flights, airspace closures and lengthy travel disruptions.

Executives and traders have flocked to the Gulf states in recent years and now they're reckoning with their proximity to danger.

Air defence systems have intercepted projectiles over the skylines of Dubai and Abu Dhabi over the weekend as Iran lashed out at Western allies.