Revision History

President Trump has issued a 48-hour ultimatum threatening to "obliterate" Iran's power plants if the Strait of Hormuz is not fully reopened, while the IRGC warns it will completely shut the waterway and target regional energy infrastructure in retaliation. The standoff, now in the fourth week of the U.S.-Israel war on Iran, threatens to remove roughly 20% of global oil supply from the market, with the Dallas Fed projecting a 2.9 percentage point hit to global GDP growth and oil prices potentially reaching $132 per barrel in an extended closure scenario.