Iran formalizes control over the Strait of Hormuz; Oil prices halt their decline ❓⚓

Iran has formalized its control over the Strait of Hormuz by establishing the Persian Gulf Strait Authority (PGSA), requiring all vessels to submit detailed information before transit. This move significantly increases Iran’s leverage over the global economy, given that a fifth of the world’s oil and LNG passes through the waterway. Oil prices have halted their decline amid concerns about supply disruptions, signaling potential long-term consequences for energy markets.