EU escalates Iran sanctions over Strait of Hormuz blockade. The European Union will expand sanctions criteria to target those responsible for obstructing the critical waterway, which has been largely closed for nearly two months. The closure has disrupted roughly one-fifth of global oil and liquefied natural gas supplies, significantly impacting energy and commodities markets worldwide. The blockade began after U.S.-Israeli strikes on Iran in late February. A brief ceasefire allowed limited tanker traffic on Friday, but tensions reignited after the United States seized an Iranian cargo ship while maintaining its own military blockade of Iranian ports. EU diplomats confirmed political agreement among ambassadors to modify Iran's sanctions regime, enabling listings of persons and entities obstructing freedom of navigation.
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