Roughly one-fifth of the world's oil supply threads through the Strait of Hormuz, a chokepoint both the U.S. and Iran can threaten. The conflict has driven Brent crude above $101 per barrel and sent VLCC tanker rates to multiyear highs. Explore the tabs below to trace how oil prices, shipping costs, Iran's nuclear program, and Hormuz transit exposure connect.

The U.S. has moved from accepting diplomatic pledges to demanding physically verifiable enrichment reductions. Prior frameworks allowed Iran to maintain enrichment infrastructure under monitoring; the current position requires dismantlement — a distinction that closes the diplomatic gap considerably and raises the stakes of any negotiated outcome.