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Ships Hit Near Hormuz, Oil Prices Rise
At least two ships were hit near the Strait of Hormuz on Sunday. Hundreds of vessels dropped anchor outside the waterway.
Iran's leaders said they closed navigation through the strait. This closure followed a US-Israeli attack on Saturday.
International shipping came to a standstill at the strait entrance. Global oil prices rose due to fears of disruption. The strait carries one fifth of the world's oil exports.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-fifth of world's oil travels through it daily. When shipping stops there, global oil prices rise quickly.