Commercial shipping through the Strait of Hormuz has effectively stopped. Ship crews are unwilling to make the risky transit due to the collapse of the U.S.-Iran ceasefire, pushing the region back to a 'worst case scenario,' according to a maritime risk management CEO. Fear, not money, is now governing crew decisions.
The U.S. military completed a sixth consecutive night of strikes on Iran early Friday, targeting 'dozens of Iranian military targets' including air defense sites and maritime infrastructure. White House Press Secretary Karoline Leavitt stated the strikes are a direct consequence of Iran violating their memorandum of understanding by firing on commercial vessels.
Iran's Revolutionary Guard claimed new strikes on U.S. military facilities across the Middle East on Friday, including bases in Syria, Kuwait, and Oman. U.S. officials did not confirm any impacts. The group's claims are often exaggerated.
The shipping halt and ongoing conflict have pushed oil prices higher, with Brent crude trading near $85 a barrel.