Iran issues new threat following Strait of Hormuz closure with multiple tankers stranded

• Iran has declared the Strait of Hormuz closed, threatening to attack any ships attempting passage, which has led to soaring oil prices and a halt in tanker traffic.
• The Strait of Hormuz is a critical global waterway, through which approximately one-fifth of the world's oil passes, predominantly en route to Asian markets.
• An expert warned that a prolonged closure could push crude oil prices significantly higher, potentially 'well into triple digits', and elevate European natural gas prices to 2022 crisis levels.
• Major global shipping companies, including Maersk, Hapag-Lloyd, and MSC, have announced the suspension of all vessel crossings in the strait.
• Numerous laden oil and clean tankers are currently stranded in or near the Mideast Gulf, unable to pass through the now-closed waterway.

IN FULL

Iran issues new Strait of Hormuz warning as tanker traffic grinds to a halt