US Navy strikes Iranian ship in Gulf of Oman amid Hormuz blockade tensions

The US Navy’s attack on an Iranian vessel in the Gulf of Oman indicates tighter enforcement of the Strait of Hormuz blockade. This escalation occurs amidst ongoing diplomatic efforts between the US and Iran, but heightened tensions following the US-Israeli air campaign suggest a reduced likelihood of blockade relief and decreased shipping traffic. Market pricing reflects a lower probability of normal traffic returning to the Strait by mid-May.