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President steps up threats to target civil infrastructure if Tehran does not agree deal by Tuesday night

Lost aircraft and radars contribute to estimated $500mn daily price tag and leave US exposed elsewhere

A new infrastructure is being built rapidly to avoid the strategic chokepoint and ensure global energy and food security

Tehran says US president’s ‘rude’ and ‘baseless’ threats do not make up for America’s ‘humiliation’ in the region

Conference comes after Donald Trump warns western allies they will have to secure strategically important waterway

US president says power plants and bridges will be attacked if Tehran does not open Strait of Hormuz

Hungary’s illiberal champion has benefited from the misjudgments and complacency of other leaders

World’s biggest crude exporter to ask Asian customers for around $20 a barrel on top of benchmark prices

JPMorgan chief raises alarm on weakening lending standards in annual shareholder letter

Governments and central banks are out of policy ammunition to contain the economic fallout