Brent crude falls to three-month low below $80 as Iranian oil tankers ‘resume shipping’ – business live

Rolling coverage of the latest economic and financial newsOver at the G7 summit in Évian-les-Bains, European allies don’t appear to share Donald Trump’s optimism that the strait of Hormuz will reopen by Friday.One G7 official has told Bloomberg there are serious difficulties in finding a common position among the group about how to deal with the situation in Iran.One senior US official said traffic in the waterway would ramp up over time, and it could take as many as two weeks for shipping to significantly increase — and even longer for it to return to the levels seen before the US and Israel attacked Iran in February.There are mines in the strait that still need to be cleared and shippers have different risk tolerances about navigating Hormuz, the official said.Bosses of the world’s bigge