Strait of Hormuz: A Flashpoint for Global Markets The announcement by Iran's Supreme National Security Council that it plans to expand control over the Strait of Hormuz has sent shockwaves through global markets, pushing oil prices to a nearly seven week high.
Brent crude surpassed $97 per barrel, and the average price of regular gas in the US reached an unprecedented $4. 14 a gallon.
The Strait of Hormuz has long been a contentious issue, with its strategic importance as a chokepoint for global oil trade making it a focal point for tensions between Iran and the West.