US Tightens Noose on Iran With Hormuz Blockade as Diplomacy Falters

The US naval blockade of the Strait of Hormuz, initiated April 13, has paralyzed global maritime shipping as peace negotiations in Islamabad collapsed April 12. With war-risk insurance premiums up 25-50 percent and very high escalation risk, global energy markets face major disruption to a critical supply chokepoint.