Iran Claims Strait of Hormuz Closure, Oil Jumps 6.28% to $71.23 as U.S. Denies Blockade

An advisor to Iran's Revolutionary Guard commander said on March 3 that Iran has closed the Strait of Hormuz and will fire on vessels attempting transit while targeting oil pipelines and shipping routes, a claim that could affect roughly one-fifth of global oil flows, BlockBeats reports. U.S. Central Command, cited by Fox News, countered that the strait remains open with no Iranian patrols or mines detected, even as April light crude futures on NYMEX surged $4.21 to $71.23 per barrel, a 6.28% gain on March 2, and the Dollar Index rose 0.79% to 98.382. U.S. officials said Washington is preparing energy measures to ease price pressures and reportedly planning a "large-scale strike" within 24 hours, while FedWatch data show 97.5% odds of no rate move in March and former Treasury Secretary Yellen and JPMorgan CEO Dimon indicated the conflict currently supports a steady Fed stance with only modest inflation risk if tensions hold.