Global bond market sell-off continues and stocks fall amid reports White House has asked to see options for more strikes against Iran

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Oil prices have risen sharply amid fears about escalating tensions in the Middle East and a squeeze on production from the threat of a hurricane off the US coast.

Brent crude, the international benchmark, rose by 5% to $105.3 a barrel on Thursday, triggering a wave of selling in the global bond and stock markets.

Responding to a Guardian report that revealed thousands of tonnes of fuel was transported to Russia, Seoul said it was investigating the cases

South Korea will take legal action if it finds that shipments of fuel from its ports to Russia broke domestic law, the government has said, responding to a Guardian report on the trade.

The government, in a statement issued by the foreign and trade ministries and the customs service, said that it is “checking additional information concerning the loading cases reported by the Guardian” and “if the verification establishes that our laws and regulations have been violated, it plans to act in accordance with the law”.

NGOs in Indonesian Borneo file class action lawsuit calling for government to better manage annual fires and

The Indonesian government has been accused of “gross negligence” in a class action lawsuit over its handling of wildfires that have cloaked large parts of South-east Asia in a toxic haze, shuttered schools and caused a spike in respiratory illnesses.

The lawsuit, filed by indigenous and civil society groups in the Indonesian part of Borneo, named President Prabowo Subianto and the governor of West Kalimantan among 10 defendants. The case seeks comprehensive recovery and rehabilitation measures that would include covering the healthcare costs of residents.

Oil rises above $100 as attacks on ships hit new high, amid reports Trump is discussing launching strikes before the US midterms

A tanker sailing off the north coast of Qatar has been attacked, causing an unknown number of casualties, a British maritime security agency said. The attack came as Iran declared it would close a route in the strait of Hormuz being used to circumvent Tehran’s blockade of traffic.

The vessel was in the Gulf, about 500km (300 miles) west of the strait of Hormuz, when it reported being struck “by multiple projectiles”, the UK Maritime Trade Operations said on Wednesday. The UK authority did not specify the origin of the ship.

Record prices caused by global shortages amid shutdown of war-damaged refineries in Middle East and Russia

Shell’s refineries are expected to make record profits on each barrel of fuel produced after shortages in the global market caused pump prices around the world to climb to all-time highs.

In a trading update on Wednesday, the energy supermajor forecast profit margins of $42 a barrel in the July to September period, far above the margins of $24 a barrel in the second quarter.

In the second article in a series on the Polish economy, we look at how the country is forging closer ties with its neighbours

Two miles off the coast of Gdańsk, the white steel piles of Poland’s first offshore gas terminal rise from the slate-grey Baltic. Installed at a height eight metres above the waves, the floating cranes and construction vessels here are on the frontline of Europe’s push for energy security.

Since the taps were turned off on Russian gas after Vladimir Putin’s invasion of Ukraine four years ago, Poland has turned to the global energy market for supplies. But while conditions are far from ideal as the Middle East war drives oil and gas prices to stratospheric levels, strengthening the diversity of the country’s energy mix remains a top priority for Poland, its Baltic neighbours, and the EU at large.