Iran tests US resolve in the Strait of Hormuz after tit-for-tat strikes

Iran and the United States traded mutual strikes over the weekend, issuing conflicting statements about whether the Strait of Hormuz remains open to shipping. John Sfakianakis, Chief Economist at the Gulf Research Center, told Bloomberg that a return to full-scale war is possible but "not yet" reached. The standoff raises fears over global oil transit routes through the strategically vital strait.