While these latest attacks in the Gulf of Oman have raised tensions between the U.S. and Iran, they have also highlighted the risks facing a critical transport route for global oil supplies. Jacob Greaves in Dubai has been looking at how the incident might impact markets.

Two major incidents in a little over a month. The waters near the Strait of Hormuz have long been a flashpoint between the U.S. and Iran. And now, the tensions are seeping into global oil markets.

JACOB GREAVES DUBAI "Around a third of the world's crude supplies are thought to be transported through this region with the key waterways surrounding the Gulf linking Middle East producers with markets in Asia, Europe, and the US."

On Thursday, oil prices jumped 4% as news of the incident unfolded. The long-term impact could extend to the shipping and insurance industries.

MATT STANLEY SENIOR BROKER, STAR FUELS "Fujairah is the third biggest bunker hub in the world now, the issues that happened a month ago caused the insurance market to increase war risk premiums, which is obviously an increased bunker cost as well, so it will choke off some business there, some owners have at the moment suspended operations in the region, I think it comes down to again clarity is needed and then we will see the implications."

U.S. President Donald Trump's recent introduction of sanctions on buyers of Iranian crude has put oil firmly in the centre of the dispute. This latest escalation is doing little to put markets at ease. JG, CGTN, Dubai.