As of March 2, 2026, the crisis in the Strait of Hormuz has escalated dramatically following the assassination of Iranian supreme leader Ayatollah Ali Khamenei, which has led to a surge in oil prices and a near standstill of tanker traffic through the strait. Reports indicate that oil prices jumped 13% to a high not seen in four years, reflecting the immediate impact of the conflict on global markets, particularly in Asia, which is heavily reliant on oil imports. This turmoil has prompted at least 150 tankers, including crude and LNG vessels, to drop anchor in open Gulf waters, as shipping data shows vessels clustered off the coasts of major Gulf oil producers like Iraq and Saudi Arabia, according to Reuters estimates. Additionally, Tehran has claimed to have closed navigation in the strait, further complicating maritime operations in the region.
INTERNATIONAL
Iran Closes Strait Of Hormuz After Khamenei Assassination
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The Strait of Hormuz crisis escalates after Iran's leader is assassinated, causing oil prices to soar 13% and halting tanker traffic, raising fears of global energy supply disruptions.
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SCMPscmp.com
MEEmiddleeasteye.net
NYTnytimes.com
NNWnbcnews.com
PPprofit.pakistantoday.com.pk
EUeuronews.com
THthehindu.com
AJaljazeera.com
PNNpakistannews.net
TGtheguardian.com