Bitcoin News
By Julie Binoche
1 / 15
Why This Waterway Matters. The Strait of Hormuz is basically the world's most important oil highway.
2 / 15
What Iran Says Happened. Iranian military officials said the U.S. imposed restrictions that amounted to a blockade.
3 / 15
Iran's military shut down the Strait of Hormuz on Friday. The move came hours after President Donald Trump said the waterway would stay open for good.
4 / 15
The closure blocks a channel that carries roughly one-fifth of the world's oil supply. Iranian commanders said they had no choice.
5 / 15
The Strait of Hormuz is basically the world's most important oil highway. It's a narrow passage between Iran and Oman, and about 21 million barrels of crude pass through it every…
6 / 15
The strait has been a flashpoint for decades. Iran threatened to close it during previous standoffs with the West, but those threats usually stayed threats. Not this time.
7 / 15
Iranian military officials said the U.S. imposed restrictions that amounted to a blockade. They didn't give specifics about what those restrictions were or when they started.
8 / 15
The seven false claims Iran mentioned remain vague. Iranian state media hasn't published a list, and foreign ministry spokespeople didn't clarify when asked.
9 / 15
And here's the thing: Washington hasn't said a word yet. The White House didn't comment. The Pentagon didn't comment. State Department didn't comment.
10 / 15
Energy markets hate uncertainty. Brent crude prices spiked more than four percent in overnight trading.
11 / 15
Related: Bitcoin Jumps as Iran Opens Hormuz Temporarily, but Traders Stay Wary
12 / 15
The timing is wild. Just days ago, Trump told reporters at Mar-a-Lago that the strait would stay open "permanently." He said the U.S. military had everything under control.
13 / 15
Iran and the U.S. have been circling each other for years. The nuclear deal collapsed. Sanctions went back on. There were drone strikes, tanker seizures, tit-for-tat escalations.
14 / 15
Diplomatic channels are probably lighting up behind the scenes. European allies, Gulf states, maybe Russia and China—everyone with a stake in stable energy supplies will want…
15 / 15
Some analysts think Iran is testing Trump's resolve. Others think Tehran genuinely felt cornered by whatever the U.S. was doing in the region. Hard to know which is true.
The Currency Analytics
Want the full story?