Oil & Energy

Iran Moves to Mine Strait of Hormuz — Oil Surges 16% as 20% of Global Supply at Risk

US intelligence has spotted early signs of Iran readying naval mines in the Strait of Hormuz. The vital strait, which carries 20% of global oil, has seen tanker traffic drop 97%. Oil prices jumped 16% on fears of a full blockade, with Iran's estimated stockpile at 2,000–6,000 mines.