IRAN DECLARES HORMUZ STRAIT CLOSED Iran’s newly formed strait authority said the Strait of Hormuz is closed “until further notice” following escalating military exchanges with the United States. The IRGC also claimed the waterway is shut to all vessels, though US officials say commercial traffic continues. Once a key global oil route, traffic through the strait has already fallen to about 15% of pre-war levels, according to JPMorgan.(*Walter Bloomberg)