The global economy is facing uncertainty as Iran has effectively closed the Strait of Hormuz amid ongoing conflict with Israel and the United States. This strait is crucial for the passage of approximately one-fifth of the world's oil and gas. While some ships have managed to navigate the strait, they have done so under Iran's conditions, reportedly paying tolls for safe passage. The situation remains tense as the world awaits the reopening of this vital waterway.

Iran has announced plans to create a new restricted zone in the Gulf and publish maps for a new shipping corridor through the Strait of Hormuz, according to Tribune Online. The move comes as tensions with the United States continue to disrupt maritime traffic in the strategic waterway and push oil prices higher. The strait is a critical chokepoint for global oil shipments.

Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

According to Al Jazeera, ships have resumed movement through the Strait of Hormuz, leading to a decrease in oil prices. However, it may take longer for consumers to experience relief from the effects of the crisis.

Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.

Iran introduced a higher gasoline price for its heaviest consumers early Tuesday, state media reported, marking the second such increase since December as the country's economy struggles following months of war. The government's announcement, which did not directly mention the conflict with the United States, cited the "current situation" and said revenue from the increase would support public finances. According to AP, fuel price rises are politically sensitive in Iran, where a 2019 hike triggered nationwide protests and a crackdown that reportedly killed more than 300 people.