Oil prices rose towards $90 a barrel after reported attacks on ships near key Middle Eastern waterways and a renewed impasse in US-Iran negotiations heightened fears of disrupted fuel supplies. The developments matter because prolonged disruption around the Strait of Hormuz could raise energy costs globally and add pressure to inflation and businesses reliant on fuel.

Iran said the Strait of Hormuz would remain closed until the US met conditions including releasing frozen Iranian assets, while analysts said both sides’ demands made a swift resolution unlikely. Tui reported third-quarter operating profit down nearly 27% year-on-year to €234.6m, below analysts’ €274m forecast, citing higher jet fuel costs and weaker bookings amid uncertainty over the Iran war.