Iran has shut down the Strait of Hormuz, sending oil prices and the world economy into a tailspin, just a day after announcing its temporary reopening. The move comes as the US continues to blockade Iranian ports, a decision made by President Donald Trump until a deal is signed.
At least two merchant vessels reported being hit by gunfire as they attempted to cross the strait on Saturday, according to Reuters. Iran has blamed the US for the latest closure, citing repeated US violations and acts of "piracy" under the guise of a blockade.
The strait, which is a key waterway for global oil supplies, has proven to be one of Iran's main points of leverage in the conflict. The US has deployed forces and initiated a blockade on Iranian ports in an effort to force Tehran to accept a ceasefire.
The closure of the strait threatens to deepen the energy crisis roiling the global economy, with oil prices falling again on Friday amid hopes that the US and Iran were drawing closer to an agreement. Roughly one-fifth of the world's oil passes through the strait, and further limits would squeeze already constrained supply, driving prices higher once again.
