Iran has in effect closed the strait of Hormuz to oil and gas exports for the past four days with a mixture of drone strikes and fear that has halted commercial maritime traffic despite intense US attacks on Iran’s navy. Conventionally, it is said, about a fifth of the world’s crude oil passes through the strait of Hormuz. Qatar’s state-run energy firm halted liquefied natural gas production “due to military attacks” on Monday. The result so far is that oil and gas prices have soared. Meanwhile, Donald Trump is considering proposals for the US government to help oil tankers in the region obtain insurance to restore confidence after a war the US and Israel started.

Source: The Guardian March 04, 2026 00:46 UTC