Control of the Strait of Hormuz intensifies; a Singapore-registered cargo ship sinks, weighing on US and Asian stock markets.

According to CNBC, tensions between Iran and the U.S. over control of the Strait of Hormuz continue to escalate. Ali Ozmaei, head of Iran's Islamic Revolutionary Guard Corps (IRGC), said Iran is waiting for an opportunity to attack U.S. warships, and threatened that if the U.S. believes the strait is open, it can approach further. U.S. Central Command (CENTCOM) responded that U.S. military forces and regional partners remain firmly in control of the key waterway.

Shipping security risks have ri

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