Flames in the Gulf: Iran attacks tankers, global oil shock deepens

Iran appeared to have set ablaze two tankers in Iraqi waters as it stepped up attacks on oil and transport facilities across the Middle East, warning the world should be ready for oil at $200 a barrel in defiance of President Donald Trump’s claim that the U.S. had already won the war.

Unleashed with joint U.S. and Israeli air strikes on Iran almost two weeks ago, the war has so far killed around 2,000 people and thrown global energy markets and transport into chaos. The conflict has...