Bandar Abbas fires rage at Iran's main naval headquarters following possible U.S.-Israeli strikes. President Donald Trump won't rule out sending U.S. troops to Iran.

The global energy system is under serious strain. On Mar.2, a senior commander from Iran’s Revolutionary Guards announced the complete closure of the Strait of Hormuz. He warned that any vessel trying to pass through would be targeted.

Oil prices have soared more than14% this week as tanker traffic through the Strait of Hormuz has ground to a halt. European natural gas has soared more 70%.

The Iran war is renewing concerns about the strategically vital Strait of Hormuz. A prolonged closure could sharply drive up oil prices, experts said.

The war in the Mideast has effectively halted shipping through the Strait of Hormuz, threatening to push up gas prices and raise the cost of other goods.

CAIRO, March 2 (Reuters) - Iran's Revolutionary ⁠Guards ⁠said a fuel ⁠tanker, identified as the Honduran-flagged Athe Nova, ​was burning in the Strait of Hormuz after ‌being hit by two drones, ‌Iranian news agencies reported on Monday.

According to the EIA, the strait is deep enough and wide enough to handle the world's largest crude oil tankers. Saudi Arabia and the UAE have some infrastructure in place that can bypass the Strait of Hormuz, which may mitigate any transit disruptions through the strait.

US Iran War LIVE updates: As the war between the US and Iran continues to escalate, American nationals across the Middle East have been asked to leave immediately. This warning from the US government