Ben King
Business reporter

It has been another day of wild swings on the oil market, and the benchmark Brent crude oil price hit its highest levels of the day following reports of drone strikes in the UAE.

Brent passed $115 a barrel shortly after 17:00 BST after reports that the key oil port of Fujairah had come under attack, up more than 5% on the day.

Fujairah lies on the east coast of the UAE, beyond the Strait of Hormuz.

A pipeline from the oilfields of Abu Dhabi runs to Fujairah, allowing limited amounts of crude to be loaded on to tankers and shipped to world markets despite the strait being effectively blockaded.

Brent crude hit $114 earlier in the day after reports that Iran's military had hit a US destroyer. Prices fell back again when the US said its ships had not been hit.

Now an update from Fujairah, which reported a large fire after a drone attack from Iran earlier.

Three Indian nationals have been taken to hospital for treatment after the strike on the Fujairah Oil Industry Zone (Foiz), according to the city's media office.

In a statement, the media office says the three nationals sustained "moderate injuries".

The Foiz is an energy hub hosting one of the largest oil storage facilities in the Middle East.

The latest reports from Fujairah in the UAE come after a tanker linked to Adnoc, the state-owned oil company, was reportedly hit in the Strait of Hormuz.

Neighbouring Qatar has condemned the tanker attack. In a statement, its foreign ministry called the attack "a blatant violation of international law and the principle of freedom of maritime navigation".

It has again called for the strait's "unconditional reopening".

Meanwhile, the UAE continues to report missile attacks, with its latest warning issued at 19:49 local time (16:49 BST).

We're yet to hear from any Iranian officials confirming the attacks.

We're also hearing from local officials in Fujairah, who say a large fire has broken out at the key UAE oil port after it was hit by a drone attack from Iran.

Fujairah is the Emirates' biggest port and oil storage facility. Before the ceasefire, it was also targeted in drone attacks.

In a statement shared on social media, the Fujairah Government Media Office says civil defence teams are working to contain the fire.

The report of the strike came after the UAE defence ministry said it had intercepted three missiles launched from Iran.

The Iranian government has not commented on the attack.

The UAE's defence ministry says it has intercepted three missiles launched from Iran, while a fourth fell into the sea.

In a post on social media, it says explosions heard in parts of the country were due to the interceptions.

This comes shortly after the country's emergency management authority said it was responding to missile threats.

Iran has not commented on the attack.

The UAE says its air defences are responding to a missile threat.

The country's National Emergency Crisis and Disaster Management Authority is urging people to stay in a safe place.

This comes after an earlier missile alert was sent to UAE residents. South Korean officials have also said a cargo vessel anchored in waters near the UAE may have been struck, causing an explosion.

Image source, ISNA/WANA/Reuters

Iran’s Islamic Revolutionary Guard Corps (IRGC) has called the US claim about ships passing through the Strait of Hormuz “outright lies”.

Earlier, US Central Command said two US-flagged merchant vessels had “successfully transited through the Strait of Hormuz”.

Now, Iranian state media have shared a statement from the IRGC saying “no commercial vessels or oil tankers” have passed through the Strait of Hormuz in “recent hours”.

The IRGC says the US statements are “baseless and entirely false”, and warns that any other movements against the instructions of the IRGC Navy “face serious risks”.

• BBC Verify is looking into whether the US statement is accurate

There’s been a suspected strike on a South Korean cargo vessel anchored in the Strait of Hormuz, according to the country’s Ministry of Oceans and Fisheries.

At about 12:40 BST (11:40 GMT), a "suspected strike" was reported on a cargo vessel named HMM Namu in the Strait of Hormuz, the ministry says.

The vessel was reportedly anchored in waters near the UAE. There are 24 crew members on board, including six South Koreans and 18 foreign nationals, according to the ministry. No casualties have been reported.

The ministry says an explosion is believed to have occurred on the port side of the engine room during the suspected strike.

This comes after reports from the UAE that a tanker linked to Adnoc, its state-owned oil company, was hit in the Strait of Hormuz earlier today.

Earlier, Iranian state media reported that the military had hit a US destroyer trying to enter the Strait of Hormuz - something the US has denied.

We've now had further comment from the Iranian military.

It says the Iranian Army Navy "issued a warning and fired warning shots along the route of the hostile enemy destroyers".

The Iranian military says US destroyers turned off their radars before approaching the strait, and were "detected immediately" after reactivating them.

The destroyers then received a radio warning from the Navy "regarding the dangers of violating the ceasefire", the Iranian military adds.

Another "explicit warning" was sent to the destroyer, according to the Iranian military, saying that "any attempt to enter the Strait of Hormuz would be considered a violation of the ceasefire and would be met with a response from naval forces".

It says warning shots were fired after the Americans "disregarded" the warning.

We're looking into Centcom's claim that two US vessels have crossed the Strait of Hormuzpublished at 15:16 BST

15:16 BST

By Emma Pengelly

We've been checking the ship tracking tool MarineTraffic after US Central Command (Centcom) said two US-flagged merchant vessels "successfully transited through the Strait of Hormuz".

We haven't seen vessels matching this description on MarineTraffic but are continuing to monitor the site.

As we mentioned earlier, MarineTraffic publishes details about vessels including their locations using information broadcast by an onboard tracker called Automatic Identification System (AIS).

But vessels can also turn off their location transmissions, meaning they wouldn't be visible on tracking platforms like MarineTraffic. It's also possible for vessels to falsify their positions, a process known as spoofing.

Image source, Reuters

Donald Trump says the US military will guide ships through the Strait of Hormuz - but Iran insists any ships wanting to cross the crucial shipping passage will need its permission.

Here’s what else to know:

Centcom says plan is working: In an update, it says two US-flagged merchant ships have crossed the strait - Iran has yet to comment.

Conflicting messages: Iran says it stopped a US destroyer from entering the strait. US Central Command (Centcom) denies this, saying none of its ships have been struck.

Thousands still trapped: Sailors have been trapped in the waterway since the start of the war - with supplies said to be dwindling, our international correspondent reports.

Oil prices rise again: Oil prices have jumped after Iran said it hit a US destroyer, soaring to $114 per barrel - a 5% rise from the market opening.

Frank Gardner
Security correspondent

United Arab Emirates residents have just received a missile alert from the Ministry of Interior.

Shortly afterwards, an all clear message was sent, telling residents "the situation is currently safe" and that normal activities can resume.

It's not yet clear what triggered the warning.

Any plan to escort ships through the Strait of Hormuz comes with "significant risk", says a retired US navy captain.

Kevin Eyer, who previously commanded three warship cruisers, tells the BBC News channel that it's unclear whether the US intends to "guide and coordinate, or to actually go in and do a classic convoy situation".

"The difference between these two things is the difference between night and day. The active escort is the most dangerous and fraught solution," he says.

Eyer points out that Iran still has a number of anti-ship ballistic missiles, as many as 1,000 anti-ship drones, and "hundreds of fast patrol boats which can be armed with rockets".

The US says navy destroyers and US-flagged merchant ships have sailed through the Strait of Hormuz. Iran's military earlier said it would attack US forces if they entered the strait.

US Central Command (Centcom) has issued a short update.

It says two US-flagged merchant vessels have "successfully transited through the Strait of Hormuz".

Centcom adds that US Navy guided-missile destroyers are operating in the Gulf after transiting through the Strait.

"American forces are actively assisting efforts to restore transit for commercial shipping," the update says.

Centcom has not provided the names of the vessels which it says have successfully sailed through the strait.

Iran's claim that it hit a US Navy vessel earlier has been rejected by the American military - here's how the conflicting narratives emerged:

• Iranian state media put out reports that Iran had prevented a US Navy destroyer from entering the Strait of Hormuz
• The reports included a claim from the Iranian military that it hit an American ship with two missiles, near Bandar-e-Jask on the Iranian coast
• US news outlet Axios then cited an unnamed senior US official as denying that a US ship had been hit
• Soon after, US Central Command (Centcom) put out a statement, echoing this denial. It said no US ships had been struck and that US forces were supporting the operation "and enforcing the naval blockade on Iranian ports"

The United Arab Emirates says a tanker affiliated with Adnoc, its state-owned oil company, has been hit in the Strait of Hormuz.

No one has been injured, the country's foreign ministry says in a statement, adding:

"This attack constitutes a flagrant violation of UN Security Council resolution 2817, which affirmed the importance of freedom of navigation, and rejected the targeting of commercial vessels or the obstruction of international maritime routes.

"Targeting commercial shipping and using the Strait of Hormuz as a tool of economic coercion or blackmail represents acts of piracy by Iran's Revolutionary Guard Corps, and constitutes a direct threat to the stability of the region, its peoples, and global energy security."

The UAE has called for Iran to stop the attack and "ensure its full commitment to an immediate cessation of all hostilities, and the complete and unconditional reopening of the Strait of Hormuz".

Ghoncheh Habibiazad
Senior reporter, BBC Persian

Fars Plus, an outlet associated with Iran’s semi-official Fars News Agency, has published two voice notes attributed to the Islamic Revolutionary Guard Corps (IRGC).

In them, warnings are issued in Persian and English to vessels in the Gulf, the Strait of Hormuz and the Sea of Oman saying the strait "remains closed".

I've listened in and this is what the messages say:

"This is a serious warning from the naval forces of the IRGC. The Strait of Hormuz remains closed, and passage through it without the permission of the Islamic Republic of Iran and outside the designated route is prohibited.

"If any vessel passes without permission at longitude 56°00′ East in the Persian Gulf and latitude 25°40′ North in the Sea of Oman, it will be struck and destroyed."

Ben King
Business reporter

Oil prices spiked sharply in response to reports from Iranian state media that two missiles hit a US warship as it tried to enter the Strait of Hormuz.

The Brent crude benchmark price soared by more than $4 per barrel within minutes of the news breaking, to hit $114, more than 5% up on the day's opening price.

It fell back slightly after the US denied the strike took place.

Late last night, Donald Trump announced a plan to guide stuck vessels out of the Gulf, calling it a "humanitarian gesture".

If the attempt to sail ships through the strait leads to another outbreak of hostilities, that would reduce the chances of flows of oil and gas resuming and be likely to send oil prices soaring even further.

US Central Command (Centcom) denies that one of its warships has been struck by two Iranian missiles.

In a post on X, Centcom says "no US Navy ships have been struck". It adds: "U.S. forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports."

The Iranian military earlier claimed that it had prevented a US Navy destroyer from entering the Strait of Hormuz.

Fars, the semi-official Iranian news agency, said a vessel was hit by two missiles as it was sailing through the Strait of Hormuz "in violation of traffic and shipping security".

Image source, AFP via Getty Images

On Sunday, Donald Trump announced plans for the US to "guide" stranded ships out of the Strait of Hormuz. Dubbed "Project Freedom", here's what we know - so far.

What we know

• In a Truth Social post on Sunday, the US president said the operation would begin "Monday morning, Middle East time"
• US Central Command said it would support the action with 15,000 personnel, guided-missile destroyers and more than 100 aircraft
• Trump has threatened to deal "forcefully" with any "interference" with the operation
• Iran has since claimed to have prevented a US destroyer from entering the strait - but a senior US official has reportedly denied that one of its ships was hit by Iran. The BBC has contacted US Central Command and the Pentagon for clarification

What we don't know

• Whether the operation has actually started - it is now the afternoon in Iran
• Which countries will be receiving US support to get out of the strait - Trump has said the operation will help "ships from areas of the world that are not in any way involved" in the war
• The logistics of helping ships out the strait - reports say that the US initiative does not necessarily involve the US Navy escorting commercial vessels through the Strait of Hormuz, but rather advising them on safe maritime routes and staying close to prevent any Iranian attacks
• What this could mean for for the weeks-long ceasefire between the US and Iran - earlier, a senior Iranian official said "any American interference" would be "considered a violation of the ceasefire" while Trump called it a "humanitarian process"