Iran's Revolutionary Guards have declared the Strait of Hormuz closed and warned that any vessel attempting to pass will be attacked. The closure risks blocking about 20% of global oil shipments, potentially causing a sharp rise in oil prices. Officials claim oil prices could surge to $200 per barrel if the blockade persists.
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Iran's Revolutionary Guards have declared the Strait of Hormuz closed and warned that any vessel attempting to pass will be attacked. The closure risks blocking about 20% of global oil shipments, potentially causing a sharp rise in oil prices. Officials claim oil prices could surge to $200 per barrel if the blockade persists.