Iranian missile strikes pause global shipping through critical oil chokepoint

Iranian missiles hit three tankers in the Strait of Hormuz on July 7, including a Qatari LNG carrier risking explosion. Four vessels reversed course; traffic has essentially stopped. This waterway handles roughly 20% of global daily oil. Brent crude jumped 6% above $78 a barrel—highest since June's ceasefire. European gas prices surged 5%. Shipping risk was raised to severe.