A boat approaches a container ship while crusing in the waters of the Strait of Hormuz off the coast of Khasab, in Oman, on June 25, 2025. GIUSEPPE CACACE/AFP via Getty Images
Crude oil and gasoline prices are expected to spike when trading resumes Monday as Strait of Hormuz tanker traffic slows to a trickle amid warnings from the Islamic Revolutionary Guard Corps (IRGC) that the vital waterway, where more than 20 percent of the world’s oil is exported from the Persian Gulf, is “effectively closed.”
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