Iran's Effective Closure of Strait of Hormuz Pushes Oil Prices to Highest Since 2022
Hundreds of tankers sit idle on both sides of the Strait of Hormuz as Iran has effectively closed the strategic waterway, pushing global oil prices above $100 per barrel for the first time since 2022. The strait, through which one-fifth of the world's oil passes, has seen traffic plunge following attacks by Israel and the United States on Tehran on February 28. Asian countries, including India, China, and Japan, as well as some European nations, source large portions of their energy needs from the Gulf. A disruption in supply threatens to rattle the global economy.











