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Hormuz Traffic Crashes Amid Strikes
Commercial traffic through the strategic Strait of Hormuz plummeted on Thursday as the US and Iran exchanged new strikes.
The number of tanker transits fell by more than a third, and several major shipping lines suspended operations in the area.
Iran moved to load 11 million barrels of crude onto supertankers, while the US warned it could impose a naval blockade.
Oil prices jumped, with Brent crude heading for a weekly gain of around 6%.
Iran
Country in Western Asia
Country in Western Asia
United States
Country located primarily in North America
Country located primarily in North America
Islamic Revolutionary Guard Corps
Military organization to protect the political system of the Islamic Republic in Iran, designated as a terror organization by multiple countries
Military organization to protect the political system of the Islamic Republic in Iran, designated as a terror organization by multiple countries
United States Navy
Maritime branch of the United States military
Maritime branch of the United States military