Welcome back to the City AM liveblog.

Markets are digesting fresh inflationary fears driven by Apple’s price hike as well as renewed threats over the safety of the Strait of Hormuz this morning after a projectile struck a vessel off the coast of Oman.

Asian equity markets took a tumble overnight as price increases announced by Apple due to memory chip shortages triggered fears of high inflation globally, as well as brought into question the earning projections of various companies that rely on these sophisticated chips for their products.

Meanwhile, the US confirmed late on Thursday that Iran’s Revolutionary Guards had attacked a Singapore-flagged commercial vessel with a drone. No casualties or environmental impacts were reported but the ship’s bridge was damaged after the strike, according to an advisory from the UK Martime Trade Operations Centre.

Commercial ships were also turning back amidst concerns around security in a major blow to US-Iran peace hopes.

The US and the regime in Tehran are still locked in negotiations for a permanent agreement to end the conflict, but talks on the thornier issues such as nuclear policy are expected to remain prolonged.

Still, the oil market is being handed some reprieve with flows from the Persian Gulf through Hormuz racing to their fastest pace since the war began. Brent crude – the international benchmark for oil prices – has also fell back to its pre-war levels at $74. It is also on track for its third consecutive weekly drop.

We’ll be bringing you the latest market updates and analysis.

Here’s a few of our top stories this morning

• Could Burnham be the answer to free-to-air sport for all?
• Two solicitors linked to Post Office scandal charged with misconduct
• Ares Management flagship private credit fund slammed with withdrawal requests
• Yokohama F Marinos: City Football Group offloads second club in space of six months
• Messi, Ronaldo, Serena, Novak: What sport stars dodging retirement tells us