Strait of Hormuz closure impacts oil

The vital energy corridor is currently a virtual standstill, with commercial traffic blocked and reports of gunfire directed at vessels attempting to transit.

Brent crude has climbed back above $95 a barrel, reversing recent declines as energy markets react to the escalating military presence.

US Energy Secretary Chris Wright warned that gas prices could remain high into 2027 if the disruption persists.

International shipping lines are now diverting cargo, leading to sharp increases in transit times and costs across Asia and Europe.