Iranian military spokesperson Shekarchi says the Strait of Hormuz will be closed "long-term" to the US and Israel

The Iranian military spokesperson's declaration about the long-term closure of the Strait of Hormuz to the US and Israel signals a significant escalation in regional tensions. This statement could affect oil supply routes, potentially driving prices up and impacting currencies linked to energy exports, such as the USD. Traders should be wary of heightened volatility in oil markets and related assets, as this situation could lead to further geopolitical risk premiums.