Iran restricts shipping in key oil route Strait of Hormuz

The Strait of Hormuz, a crucial waterway for global oil shipments, has been mostly closed since a war broke out. Iran, which controls the strait, says it is only closed to its 'enemies' and has allowed a very limited number of ships—about 90—to pass through. This has caused Middle East oil exports to drop by at least 60%.

In response, Gulf oil producers are urging the United States to directly address the closure. The White House has noted that oil tankers have begun to flow slowly through the strait again, but major constraints on shipping remain. The situation has caused oil prices to fluctuate, sometimes rising and sometimes falling based on news about the strait.

Iran has warned that conditions in the Strait of Hormuz will not return to how they were before the war. The ongoing restrictions continue to disrupt a major artery of the global economy.