Tensions in the Middle East escalated on Saturday as Iran announced the closure of the Strait of Hormuz, accusing the United States of violating prior agreements amid a continuing naval blockade.  

Global oil prices fell sharply on Friday after the Strait of Hormuz was reopened to commercial shipping, easing fears of prolonged supply disruptions.  

OPEC+ is set to raise its oil production quota by 206,000 barrels per day (bpd) in May 2026, according to sources who spoke to Reuters.

The Strait of Hormuz is not just a narrow stretch of water on the map; it is the pressure valve of the global economy. When it flows, markets breathe. When it is threatened, the world tightens. In the past month, following the United States and Israel’s strikes on Iran, that valve has been squeezed harder than at any time in recent history, revealing just how dangerously dependent the modern world remains on a single maritime corridor.