Iran threatens to close Strait of Hormuz, impacts global oil prices

FOX Business' Lauren Simonetti reports on rising uncertainty over the Strait of Hormuz after Iran threatened to close it and issued new shipping terms.

FOX Business' Lauren Simonetti details escalating tensions in the Strait of Hormuz as Iran threatens to block shipping lanes and impose new conditions. This move follows reports of vessels being struck by Iranian drones since March. The uncertainty surrounding the vital waterway has led to a 2% drop in crude oil prices, affecting the global market.