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Iran Closes Strait of Hormuz, Oil Prices Surge Over $110

3/29/2026

32 6 Full Breakdown

Summary

Story summary

Iran's Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed to vessels linked to the United States and its allies.
Rerouted ships raise fears of disruptions to about 20% of the world's oil shipments through the strait.
Brent crude has risen above $110 per barrel.
The United Nations is forming a task force with Pakistan to secure humanitarian shipments.
Two Indian LPG carriers navigated the strait despite the risks.

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Story summary

Iran's Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed to vessels linked to the United States and its allies.
Rerouted ships raise fears of disruptions to about 20% of the world's oil shipments through the strait.
Brent crude has risen above $110 per barrel.
The United Nations is forming a task force with Pakistan to secure humanitarian shipments.
Two Indian LPG carriers navigated the strait despite the risks.