On May 18, tensions in the Strait of Hormuz escalated as Iran captured a commercial ship and sank another close to the crucial waterway, signifying the most perilous naval clash since the ceasefire commenced on April 8. The Revolutionary Guard Corps of Iran simultaneously announced the strait as a 'large operational zone,' a change that US military experts argue effectively cancels the ceasefire's shipping agreements. Following this development, oil prices surged as global markets prepared for a potential breakdown of the tenuous truce.
