Iran Declares Strait of Hormuz Closed after Vessel Incident

Iran has announced that the Strait of Hormuz is closed due to an incident involving an 'unauthorised' vessel. This strategic channel is crucial for global oil transport, through which approximately 20% of the world's oil passes. The closure may lead to increased oil prices and market volatility as it disrupts supply chains. Investors in energy sectors should monitor developments closely, particularly companies with significant freight operations. This situation highlights risks in global oil supply that can impact ordinary investors’ portfolios.