Economy

Iran Effectively Closes Strait of Hormuz to Oil

Iran has brought maritime traffic through the Strait of Hormuz to a near standstill using drone strikes and intimidation, with seaborne traffic down 80% since Sunday and at least four tankers hit. Trump has responded by ordering the US Navy to escort oil tankers through the strait and promising government-backed insurance for vessels transiting the waterway. Asian stocks have fallen for a third consecutive day as energy prices soar, threatening a global supply shock.

Sources

Iran has largely halted oil and gas exports through strait of Hormuz

The Guardian · Mar 3