Hormuz Crisis: Iran's Retaliation Sparks Global Oil Chaos, Shipping Gridlock

• Crisis began Feb 28, 2026, with US-Israel attacks (Operation Epic Fury, Roaring Lion) on Iran.
• Iran's IRGC retaliated by attacking ships, regional infrastructure, and officially closing the Strait of Hormuz, causing ship traffic to plummet by 70-90%.
• Global oil and LNG prices surged (Brent over $100), Qatar halted LNG production due to attacks, creating a severe energy crisis.
• Thousands of ships, including 147 container ships and 200+ tankers, were stranded, affecting 20,000 seafarers and global supply chains.
• US President Trump offered Navy escort and $20 billion insurance; IRGC warned US Navy; Russia announced halting supplies, escalating global inflation risk.