Iran Declares Strait of Hormuz Closed as U.S. Expands Strikes; Oil Prices Rise, Adding Pressure on USVI

Iran said Monday that the Strait of Hormuz remained closed after U.S. and Iranian forces exchanged heavy missile, drone and air attacks across the Gulf, while Washington disputed Tehran’s claim and launched another wave of strikes against Iranian military targets. The renewed fighting sharply reduced vessel traffic through one of the world’s most important energy corridors and drove oil prices more than 2 percent higher Monday morning. The developments present renewed economic risks for the U.S. Virgin Islands, where electricity generation, transportation and the movement of goods remain heavily dependent on imported petroleum delivered by sea. The latest exchange followed an Iranian attack on a container ship in the strait off Oman, according to the Associated Press. Tehran subsequently said passage had been suspended after what it described as an unauthorized transit through the waterway. U.S. Central Command said its July 12 operation struck dozens of Iranian military targets a...