Strait of Hormuz shipping halt causes global oil price surge

Tanker traffic through the Strait of Hormuz has ground to a halt, causing a sharp increase in global oil prices. The strait is a critical passage for a large portion of the world's oil and gas shipments.

In response, Saudi Arabia says it will redirect its oil exports within days to avoid the strait. The European Commission called the closure "unacceptable" and a threat to global energy security, while Greece called for a durable solution to ensure free shipping.