Oil tumbles 10% as Iran declares strait of Hormuz ‘completely open’ – business live

Rolling coverage of the latest economic and financial news, as Brent crude tumbles below $90 a barrelCuts to overseas aid will worsen shocks to global economy, David Miliband saysThe conflict in Iran is already taking a toll on businesses and balance sheets across the UK, warns Matthew Richards, joint head of restructuring & insolvency at accountancy and business advisory group Azets:Richards says an increasing number of directors are seeking advice about their finances as they fear they will not be able to survive the economic aftershocks of the war in Iran, adding:Directors who were previously surviving have been concerned about the impact the war will have on their finances, and the increase in costs it caused has been the tipping point for many firms. The longer this carries on, the bi