Iran Shuts Strait of Hormuz Again, Fueling Oil Price Fears
Iran’s military has once again announced the closure of the Strait of Hormuz, hours after briefly reopening the strategic waterway on April 17. The move follows ongoing tensions with the US, which has maintained a naval blockade until a 100% complete agreement is reached. Iran’s armed forces blamed continued US restrictions for returning the strait to “strict management.” The strait carries around a fifth of the world’s oil and gas. Shipping trackers reported dozens of vessels hugging Iranian waters or turning back amid uncertainty, while others from India and China transited safely. As ceasefire talks continue between Washington and Tehran, market watchers warn that any further disruptions could push up global oil prices and exacerbate regional instability.
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