Overview
- U.S. forces carried out fresh strikes on Iran and, hours later on Thursday, Iran’s Khatam al‑Anbiya command said it was closing the Strait of Hormuz to all maritime traffic.
- Global crude jumped roughly 2.7–3 percent on the news, lifting U.S. WTI into the low $90s per barrel and Brent into the mid $90s as traders priced in lost Gulf flows.
- Energy analysts say the closure and related outages have shut about 11.8 million barrels per day across six Gulf producers, and restarting idled fields and shipping lanes would likely take months.
- The escalation forced investors into safer positions and rattled crypto markets as U.S. authorities froze Iran‑linked crypto holdings worth billions under sanctions enforcement.
- Policymakers have released SPR barrels and OPEC+ has signaled output increases to soften the shock, but analysts warn prices could climb sharply toward triple digits if hostilities continue and the shipping choke persists.