The United States will unveil a phased plan to mitigate the spike in oil prices amid the ongoing conflict in Iran and the wider Middle East, U.S. Secretary of State Marco Rubio said late on Monday as oil prices jumped by 10% following the U.S.-Israel strikes on the Islamic Republic. Oil jumped on Monday as flows through the vital Strait of Hormuz were severely restricted and oil companies, traders, shippers, and insurers hastened to halt operations. In addition, the world’s biggest maritime insurers and insurers’ clubs are ending…
