Strait of Hormuz Crisis — May 2, 2026

The Strait of Hormuz is at the center of a brewing crisis that threatens global oil supplies and economic stability. The U.S. naval blockade, which began on April 13, is costing Iran nearly $5 billion in lost oil revenue, according to Pentagon estimates. With over 31 tankers stranded in the Gulf carrying around 53 million barrels of crude, Iran is under immense pressure as it faces a looming storage crisis. As the blockade intensifies, Iranian tankers are turning back, and the U.S. has increase