Oil traders warn the latest flare-up of tensions in the Strait of Hormuz threatens a fresh crude supply crunch without the stockpiles that helped avert a wider economic crisis earlier in the US-Iran war. This week's breakdown of the ceasefire between Washington and Tehran has again largely shut the strait, ending a brief surge of shipments through the waterway that normally carries about a fifth of the world's oil supplies. The International Energy Agency said its member countries had released almost three-quarters of the planned 400mn-barrel emergency stock release announced in March, meaning supplies may dry up in weeks. "We've burned through all of the buffers we had. Everything," said one trader. Oil prices surged above $87 on Tuesday, settling at about $85 Wednesday, up more than 10 per cent this week.

In New York, Governor Kathy Hochul signed an executive order banning data centres over 50 megawatts for one year amid backlash over electricity costs and water supplies. New York hosts 133 data centres compared to 637 in Virginia and 504 in Texas.

Meanwhile, yttrium — critical for AI computer chips — faces supply panic as China restricts exports. Nick Myers, CEO of Phoenix Tailings, warns defence and semiconductor firms may halt production by Christmas without secure supply chains.