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Iran warned President Trump's naval blockade was "doomed to fail" as oil prices soared to their highest point in years with the standoff over the Strait of Hormuz wreaking havoc on the global economy.
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Axios reported that US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran.
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Oil prices push higher, approaching another wartime high, as President Trump asserted that the naval blockade of Iran's ports would persist.
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European stocks opened sharply lower on Thursday as investors assess soaring oil prices and await more earnings and central bank moves.
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The BBC takes a look in charts at what the UAE's departure could mean for the oil cartel and more widely.
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President Donald Trump and some of his top administration officials met this week with oil and gas executives as the Iran war drags on and prices rise.
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