Updated

Iran has declared parts of the Strait of Hormuz closed and vowed to keep it that way until its demands are met, with an IRGC advisor saying Iranian forces have full control of the waterway. A tanker was attacked off Qatar amid a surge in attacks on shipping, pushing oil prices above $100 and prompting tanker captains to demand fees as high as $100,000 a month to sail the route. China has shifted to Iraqi crude as Iranian exports dwindle under the blockade. Despite the disruption, crude exports through the strait have largely returned to pre-war levels as shippers use pipelines and ship-to-ship transfers to route around the blockade, though flows of refined products like diesel remain constrained. The standoff underscores the economic and military stakes of the ongoing Iran-US-Israel conflict for global energy markets.