Financial Times: “Iran has for years threatened to shut down the strait, through which a fifth of the world’s oil and gas passes. And now they have done so, Iranian officials have indicated, it will no longer be business as usual.”

“Tehran’s ability to slow the flow of traffic to a near halt through attacks and threats has been its main point of leverage over Trump and the global economy, pushing energy prices to multiyear highs.”

“Ship owners and masters are no longer willing to risk using the strait. At least one tanker has reportedly paid $2mn for safe passage through the waterway. An Iranian MP said that would be the new normal, suggesting Iran would extract a toll from vessels.”