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Oil Prices Surge as Iran Controls Strait of Hormuz

3/18/2026

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Story summary
  • About 90 ships have crossed the Strait of Hormuz since the war with Iran, despite the waterway remaining largely closed.
  • Iran continues exporting millions of barrels of oil, with China as the primary buyer.
  • Oil prices have topped $100 per barrel as U.S. President Donald Trump pressures allies to secure the strait.
  • Shipping companies fear disruptions to global supply chains due to Iran's selective vessel passage and oil-export controls.