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STRAIT OF HORMUZ
Global crude oil prices surged above $111 per barrel on Thursday, October 22, 2026, as Iran claimed that seven vessels had been hit in separate incidents around the Persian Gulf and Strait of Hormuz, raising fresh concerns over disruptions to global energy supplies.
Middle East crude oil exports have recovered to about 98% of their pre-war levels as more tankers move through the Strait of Hormuz despite persistent security risks across the region.
US President Donald Trump has rejected an offer from Iran to reopen the Strait of Hormuz as Washington intensifies economic pressure on Tehran, including measures targeting banks and airlines.
Iran's parliament has approved the closure of the strategically crucial Strait of Hormuz, a vital waterway for global oil shipments, in a significant escalation of tensions in the Middle East region.