US President Donald Trump threatened to attack Iranian civil infrastructure, including bridges and power stations, unless Tehran resumes peace talks. A month-long ceasefire has effectively collapsed, with the two countries exchanging fire for four consecutive days.
The renewed fighting has driven oil prices to four-week highs as producers scramble to find alternatives to transporting oil through the Strait of Hormuz: The UAE is reportedly looking to build a new port on its east coast, beyond the pinch point of the strait, while both the emirates and Saudi Arabia are racing to build new overland pipelines.
The crisis has also pushed up worldwide demand for alternative energy sources and electric vehicles.