Iran Strait of Hormuz Shipping Conflict

Iran closed and reopened the Strait of Hormuz, a critical waterway for global oil shipments, amid escalating tensions with the US and Israel. The strait was reopened with conditions, including a $2 million toll per ship, potentially generating $8 billion monthly. The US demanded immediate reopening, while Iran threatened to cut off oil and gas supplies if President Trump carried out threats. The development impacted oil prices, with US oil rising to $97/barrel. A ceasefire agreement included limiting ships to a dozen per day and imposing tolls, but reports indicate no oil tankers have crossed since.