Iran

Hormuz Disrupted: The Closure, the Reopening That Did Not Hold, and $114 Oil

War that began on 28 February disrupted oil and LNG trade through the Strait of Hormuz, and Iran closed the strait on 2 March. A 18 June US-Iran memorandum of understanding led to increased shipping and lower July price forecasts, but attacks on shipping, a renewed US blockade of Iranian ports, insurance-related sanctions, and constrained transits undermined that recovery.