Reuters World News Iran: Strait of Hormuz, US allies and prediction markets
Mar 3, 2026
Mike Dolan, markets commentator who breaks down market reactions to geopolitical shocks. He discusses Iran closing the Strait of Hormuz and attacks on Gulf energy infrastructure. He examines how rising oil ripples through inflation and Treasury yields. He also covers scrutiny of online prediction markets tied to the conflict.
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Iran Blocks The Strait Of Hormuz
- Iran has closed the Strait of Hormuz and is threatening to attack any vessel that tries to pass through the 21-mile waterway.
- More than 20 million barrels a day (about a fifth of global oil consumption) transit the strait, and Iran can use mines, drones and other asymmetric tools to rapidly disrupt shipping.
Mines And Drones Can Rapidly Escalate Maritime Risk
- Iran can escalate seaborne attacks quickly using floating mines and drones to create chaos in the narrow strait.
- Reuters correspondent Jonathan Saul notes several tankers hit in collateral damage and warns capabilities are increasing by the hour.
Energy Infrastructure Is Being Targeted
- Iran is attacking energy infrastructure directly, forcing major producers to suspend operations like Saudi Arabia's Ras Tanura and Qatar's LNG output.
- These strikes raise inflation risks as input prices for US manufacturers were already rising before the conflict.