Iran Shuts Strait of Hormuz Amid Gulf Tensions, Oil Prices Soar

Global oil markets are in turmoil after Iran closed the Strait of Hormuz, a critical route for crude oil shipments. Following the closure, crude oil prices surged by up to 50 percent. U.S. President Donald Trump on Monday urged NATO allies and China to assist in reopening the strategic waterway. Iran took this step as a retaliatory measure amid the ongoing conflict involving the United States and Israel in the Gulf region.