Iran Maintains Strait of Hormuz Blockade, Oil Prices Rise

Iran has maintained its closure of the Strait of Hormuz, the critical waterway through which approximately 20% of global oil supplies transit, prompting crude oil prices to rise in response to the supply disruption. The Iranian government's declaration to keep the strait sealed has intensified concerns about reduced access to Middle Eastern petroleum markets. Oil markets have reacted swiftly to the geopolitical tension, with prices settling higher as traders price in the risk of prolonged supply constraints from one of the world's most strategically important shipping channels.