President Donald Trump had one requirement for the two-week Iranian ceasefire: Iran had to reopen the Strait of Hormuz to alleviate the economic pain from the war. But now, halfway through the pause in strikes, it is the United States that is shutting down the vital waterway.
Around 20 million barrels of crude oil and other oil products were transited through the strait each day prior to the start of the war, equivalent to 20% of global oil demand, but Iran’s military effectively shut down shipping through the narrow waterway, which has caused oil prices to rise drastically across the globe.
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