Iran shuts Strait of Hormuz in retaliation for U.S. airstrikes: Global oil markets brace for chaos Iran’s newly created Persian Gulf Strait Authority announced the complete closure of the Strait of Hormuz to all shipping on June 11, blocking a waterway through which roughly 20% of the world’s oil passes. The closure is a direct response to U.S. airstrikes against Iranian military targets and escalates a confrontation that could trigger a global energy crisis. The Islamic Revolutionary Guard Corps launched two waves of retaliatory operations, including ballistic missile strikes, targeting U.S. military positions in Kuwait, Bahrain and Jordan. A closure…

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