U.S.-Iran war evolves into naval standoff over Strait of Hormuz after both countries seize ships
The U.S. and Iran seized commercial ships from the Persian Gulf to the Indian Ocean this week, as they compete for control of the Strait of Hormuz during the ceasefire agreement. Brent oil, the international benchmark, has risen above $100 per barrel again as tanker traffic through the strait remains at a near standstill. Two…