The US-Iran ceasefire has collapsed after President Donald Trump declared it "over," following a two-day wave of US strikes that Iran's Health Ministry says killed at least 14 people and prompted Tehran to hit back at American bases in the Gulf, even as both sides agreed to keep talking.

Who This Affects

• Indian consumers and businesses face the clearest risk: fuel prices and inflation could spike if the Strait of Hormuz closes or chokes.
• Indian oil refiners are...