Hormuz Strait closure fears trigger Brent surge to $79 a barrel

The possibility of the Hormuz Strait being shut down has sent traders scrambling. New York Times data shows daily transits dropping from more than 130 vessels before the clashes to just 22 on Thursday. Despite Iranian claims of closing the passage, U.S. officials state that commercial traffic continues under legal navigation rights, though mariners are urged to exercise heightened caution.