US air strikes on Iran sent oil prices soaring on Monday, leaving Asian shippers burdened with fresh costs on top of extra insurance premiums of US$1 million more per tanker, as Tehran threatened to close the Strait of Hormuz and paralyse the crucial sea lane. Up to 20 million barrels of oil pass each day through Hormuz, one-fifth of global supply, most of it destined for East Asia’s biggest economies – China, South Korea and Japan. The neck of water is controlled by Iran, whose parliament on...