Rising tensions in the Strait of Hormuz have significantly impacted shipping, with Trump rejecting Iran's tolls on tankers. Following a breach by a Chinese-owned tanker, oil prices surged to $90. Amid these developments, Europe drafted an ambitious plan to free the strait, while California's gasoline inventories hit record lows. Despite Iran's announcement of reopening the strait, geopolitical tensions persisted, leading to its closure once more.
