🚫THE STRAIT OF HORMUZ ISN’T FORMALLY CLOSED... …but shipping has nearly stopped. Here’s what’s happening: - Shipping through the Strait has plunged ~70%. - Iran’s Revolutionary Guards warned they will "set ablaze" any ship attempting to pass. - Over 150 vessels are reportedly anchored or waiting outside the Strait. - Global insurers like Gard, Skuld, NorthStandard & London P&I have cancelled war-risk coverage. - Major carriers have halted operations or rerouted via longer global routes. - Saudi Aramco is reviewing alternative export routes, including diverting crude via pipeline to the Red Sea. - No internationally recognized maritime authority has legally closed the strait. - US Central Command said the Strait of ‌Hormuz is ⁠not ‌closed ‌despite statements ‌by Iranian officials, ‌Fox News reported.