Revision History

Iran has begun laying naval mines in the Strait of Hormuz amid an escalating military conflict with the United States and Israel, effectively shutting down the world's most critical oil chokepoint and sending crude prices surging above $119 per barrel. With tanker traffic at a near standstill, the U.S. Navy unable to provide escorts, and Iran retaining an arsenal of up to 6,000 mines, the crisis threatens to trigger a global recession as roughly 20% of the world's oil supply hangs in the balance.