Strait of Hormuz closed again

The fragile ceasefire in the Middle East faces a severe test as Tehran reasserts control over the world's most vital oil transit point.

Iranian officials claim the closure is a direct response to 'economic terrorism' and piracy by the U.S. Navy, which continues to block Iranian shipments.

Tensions escalated further following reports that Iranian gunboats fired upon commercial vessels, including Indian tankers, forcing them to abort their passage.

President Donald Trump has warned that the U.S. will not be 'blackmailed,' while global markets brace for a significant energy supply shock.