The Strait of Hormuz, through which roughly a fifth of the world’s oil supply normally flows, has been effectively closed since February 28, 2026. Shipping traffic has collapsed to just 6 percent of normal levels, dropping from approximately 74 vessels per day to four. Brent crude has climbed to around $94 per barrel, reflecting a significant war-risk premium in global oil markets. Iran is demanding that the United States end military operations against Iran and its regional allies, lift sanctions and the naval blockade, and withdraw American forces from the Middle East, with no credible resolution in sight.
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