In retaliation for U.S. and Israeli attacks, Iran says it has closed the Strait of Hormuz, a crucial Middle Eastern export route that carries 20% of global oil flows, resulting in a halt of petroleum shipments and a surge in oil prices.
The announcement came two days after the start of the war, which has spread across the region. At least five oil tankers in the strait have been damaged, and 150 ships have been stranded.
"The strait is closed,” said an official of Iran’s Revolutionary Guard Corps on March 2. “If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze.”
The U.S. military, however, says it has destroyed Iran's navy from the air.
As of midday March 3, the price of a barrel of Brent crude, the global benchmark, hovered near $83, up roughly 25% from the start of the war.
