The US launches a new offensive against Iran, and Tehran responds by closing the Strait of Hormuz.

The US administration has confirmed a new series of military attacks against targets in Iran last night, to which the Tehran government responded immediately by announcing the indefinite closure of the Strait of Hormuz, a key artery for global energy supply. This escalation is causing immediate shockwaves in commodity markets and putting economies dependent on hydrocarbon imports, such as Spain, on high alert.

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