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Iran has largely halted shipping through the Strait of Hormuz, raising oil and gas prices. The US and allies are weighing ways to reopen it.
In short: Iran has largely stopped shipping through the Strait of Hormuz since late February 2026, and President Trump says the US is weighing several ways to reopen the route.
Iran has effectively blockaded the Strait of Hormuz since the war began on February 28, 2026, according to the report. The strait is a narrow waterway that many ships must use, like a single-lane bridge on a busy highway.
The disruption is severe. Daily container ships reportedly fell from about 150 before the war to fewer than 10, and more than 90% of pre-war container traffic has stopped. The strait is also a key route for energy, with about 20% of the world’s oil shipments passing through it.
Prices have jumped as supplies look less reliable. European natural gas prices reportedly rose about 60%, and US gasoline rose to $3.97 per gallon. The report also notes shortages of diesel and jet fuel in parts of Asia, and it says US oil producers are hesitant to ramp up production quickly because prices have been volatile.
Trump has described a mix of possible responses. They include a naval coalition to escort ships, warning strikes around Iran’s Kharg Island oil export hub, seizing small strategic islands near the mouth of the strait, and in the most extreme case a full-scale ground invasion.
Several countries are discussing coordinated steps through a UK-led summit, including the UK, France, Germany, Italy, Japan, Canada, the UAE, and more than 30 others. The main risk to watch is escalation, since analysts warn that even if islands are seized, Iran could still threaten ships from the mainland using drones and missiles.
Source: NYTimes