U.S. Navy has initiated a blockade of the Strait of Hormuz following a failed summit in Islamabad, causing crude oil prices to surge and global markets to react negatively. The blockade halts traffic through the vital 21-mile chokepoint responsible for 20% of the world's oil supply. As Brent crude futures rise sharply, tensions escalate with Iran warning of severe consequences for any interference with its vessels, raising fears of a potential regional conflict and energy crisis.

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