US insists Strait of Hormuz is open as it exchanges strikes with Iran
Summary
Iran says the Strait of Hormuz is closed until further notice after the IRGC fired a warning shot at a vessel transiting the waterway. The IRGC also warned the US against responding with what it called aggression.
Why it matters
A sustained disruption at Hormuz can rapidly reprice global energy and strain shipping, insurance, and military risk calculations across the Gulf.