Traffic through the Strait of Hormuz completely halted Thursday after Iran fired on commercial vessels and seized at least two ships, marking the first such incident in nearly eight weeks of escalating regional tensions. The critical waterway, through which about one-fifth of global oil supplies flow, has become a flashpoint in the ongoing conflict.

The seizure represents a significant escalation in Iran's actions against commercial shipping, disrupting a maritime route that handles roughly 30% of the world's seaborne oil. This comes after weeks of heightened tensions in the region, with previous incidents involving military vessels but not commercial ships on this scale.

Oil markets reacted immediately to the news, with Brent crude prices jumping 3% as concerns grew about potential supply disruptions. The incident threatens to further destabilize energy markets already grappling with production cuts and geopolitical uncertainty, adding new risks to global shipping routes that millions of barrels of oil depend on daily.