Iran closes Strait of Hormuz amid escalating US tensions. The Iranian Revolutionary Guard has fully shut down the critical waterway and fired on passing vessels, including India-flagged ships, in response to continued American port blockades. The strait handles roughly one-fifth of global oil supplies, making this closure a significant threat to worldwide energy security and economic stability. Crude oil prices have already declined sharply as markets react to the geopolitical crisis. A ceasefire is set to expire Wednesday, with Pakistani mediators attempting to arrange fresh negotiations between the US and Iran. The closure represents Iran's most powerful economic leverage as the eight-week conflict intensifies global market uncertainty.
