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Iran’s Islamic Revolutionary Guards have declared the Strait of Hormuz closed, warning that any vessel attempting to pass will be targeted, according to Iranian state media.

The United States is rapidly increasing its naval and air power presence in the Middle East, a move that could lay the groundwork for a prolonged military confrontation with Iran. The growing deployment comes amid rising tensions and stalled diplomatic efforts over Tehran’s nuclear program.

Two large oil tankers collided near the Strait of Hormuz on Tuesday, sparking a fire and prompting an emergency evacuation of crew members amid heightened tensions in the region.

Two German naval ships are taking a longer, safer route around Africa rather than risk passage through the Red Sea, where Yemen’s Houthi rebels have recently escalated attacks on maritime traffic.

The Suez Canal, a vital artery for global trade, has faced a significant downturn in transit receipts in the first quarter of 2024, and according to a statement released Monday by the Central Bank of Egypt (CBE), the canal's transit receipts plummeted by 57.2 percent, amounting to 959.3 million U.S. dollars. This sharp decline highlights the challenges facing this crucial maritime route.