1 of 1
Story summary
- Global energy markets surged as West Texas Intermediate crude rose above $95.50 per barrel, signaling potential supply disruption.
- Iran declared it would close the Strait of Hormuz, a key route for about 20% of the world’s oil.
- Diplomatic efforts are underway.
- International law recognizes the Strait of Hormuz as an open waterway.
- Iran’s blocking of non-Iranian vessels heightens concerns about an energy crisis and related economic losses.
