The Strait of Hormuz was all but closed to maritime traffic as of early Tuesday amid fears of Iranian tacks and threats of attacks against tankers passing through the choke point. The strait, which under normal conditions carries around a fifth of the world’s oil supply, was effectively closed after a commander from the Iranian Revolutionary Guard Corps said that any vessel attempting to pass through the waterway would be set “ablaze.”
Iran’s threats were in retaliation to the intense U.S. and Israeli strikes on the country this week.
The news put further upward pressure on oil prices, with futures for brent crude topping $85 per barrel early On Tuesday, gaining nearly 9 percent over the previous 24 hours. Prices had been as low as $60 per barrel in January, before tensions in the region intensified.
Separately, the Saudi Arabian Ministry of Defense confirmed reports that the U.S. embassy in Riyadh had been struck by Iranian drones, causing a fire and structural damage that was eventually brought under control. There were no reports of injuries to embassy personnel.
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