Updated

Tensions in the Strait of Hormuz intensified this week as Iran declared it would 'close' a route used to circumvent its blockade on shipping, and the IRGC Navy reported a new fire incident on a tanker attempting to use an 'illegal route,' blaming US military escalation. A separate tanker was attacked off Qatar's coast, and Iran's IRGC chief called Hormuz security a 'red line,' warning against interference by outside powers. Iran also said the strait would not reopen until its conditions are met. The escalation, combined with reports the White House had asked for options for more strikes against Iran and fears of a Gulf Coast hurricane squeezing production, pushed Brent crude up 5% to around $105 a barrel, triggering a broader sell-off in global bond and stock markets.