The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

Average gas prices in Minnesota reached $4.45 per gallon this week as the Strait of Hormuz continues to be closed.

The Strait of Malacca carries more than a quarter of global trade, including most of the oil that flows from the Persian Gulf to key Asian markets.

Pakistan’s ports are unusually receiving bulk cargo shipments due to closure of Strait of Hormuz and reluctance of foreign cargo ships to use gulf ports in wake of ongoing Middle East conflict.

Iranian forces seized a ship off the coast of the United Arab Emirates in late May 2026 and directed it toward Iranian waters. Hours later, Iran’s senior vice president, Mohammadreza Aref, appeared on state television to deliver a message that reverberated through global energy markets: the Strait of Hormuz “has always been our property,

Iran said transit through the critical Strait of Hormuz will flow once the conflict with the US and Israel is over, but the sides are no closer to resolving their differences or finding a path to achieve it.

Iran is introducing a new system for the Strait of Hormuz. Commercial ships and nations cooperating with Tehran will receive priority passage. Specialized services will incur fees. This move comes amid rising Gulf tensions and concerns over global energy supplies.

Iran announced plans for a new Strait of Hormuz traffic system that could impose fees on vessels using the strategic shipping route. Tehran said only countries and companies cooperating with Iran will benefit from the mechanism,