Tensions between Iran and the United States are escalating sharply. Iran is facing an impending oil storage capacity crisis as US sanctions prevent tanker access to its ports, effectively blocking oil exports. The US has now sanctioned entities that pay tolls to pass through the Strait of Hormuz, a vital global chokepoint.
These measures come as a fragile, Pakistan-mediated ceasefire remains in effect but under threat. An Iranian Revolutionary Guard Corps commander stated renewed conflict is "likely," further heightening geopolitical risks. Market indicators show a 11.5% probability of Iran closing its airspace by May 8, down from 24% a day ago, reflecting cautious sentiment.