As Iran keeps Strait of Hormuz closed, it's also threatening to target another vital Mideast shipping lane

Key Points:

• Iran's Revolutionary Guard Corps (IRGC) has declared the Strait of Hormuz closed to any ships without Tehran's permission, threatening severe responses to violators, causing crude oil prices to surge above $110 a barrel.
• The IRGC Navy recently turned back three commercial vessels, including two Chinese-owned ships and one Hong Kong-owned ship, attempting to pass through the strait near Iran's Larak Island, which Tehran uses as a strategic checkpoint to control maritime traffic.
• Iran prohibits passage of ships to and from ports allied with the U.S. and Israel, and is reportedly drafting legislation to formalize fees on ships transiting the strait, with charges reportedly reaching up to $2 million per vessel.
• There are growing concerns that Iran might target the Bab el-Mandeb Strait next, another critical oil transit chokepoint, with its Houthi proxies in Yemen potentially involved, raising the risk of further disruption to global oil supplies.
• The UAE is leading efforts to form a "Hormuz Security Force" to secure the strait, condemning Iran's actions as "economic terrorism," while analysts warn oil prices could reach $200 a barrel by June if tensions escalate.