U.S. Central Command confirmed that airstrikes against Iranian targets began at 3 p.m. ET, coinciding with the reimplementation of a naval blockade set to start at 4 p.m. ET. This blockade follows a temporary ceasefire agreement that has now collapsed amid renewed hostilities. President Trump declared the ceasefire 'over' after accusations of violations from both sides.
The Strait of Hormuz, which previously facilitated 20% of the world's oil, has seen a significant drop in commercial shipping traffic, raising concerns about global oil supply. Trump initially proposed a 20% fee on cargo passing through the strait but quickly retracted this idea, suggesting instead that Gulf States could engage in trade and investment deals with the U.S.
This situation is fluid, and the implications for oil prices and shipping logistics could be substantial as tensions in the region escalate