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Asian shares tumble with South Korea’s Kospi down nearly 10%Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.It’s a gloomy start to the week as attacks between the US and Iran in the Gulf continue. Tehran said it had closed the strait of Hormuz, while Donald Trump insisted the key shipping passage remained open and US officials said 20 ships were escorted through the waterway in the past 24 hours.For now, we remain hopeful that

Plans specify tolls must not be compulsory, as US officials urge Iran to make public statement that strait is open and that shipping can safely passEurope is studying proposals that may allow the charging of navigational fees in the strait of Hormuz so long as the tolls are not compulsory and have the support of the UN agency that regulates maritime transport.Britain’s deputy prime minister, David Lammy, said the imposition of compulsory tolls would be disastrous. But some of his cabin