By

Megan Cerullo

Reporter, MoneyWatch

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.

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Updated on: March 20, 2026 / 3:42 PM EDT / CBS News

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Traffic through the Strait of Hormuz , the Persian Gulf waterway that serves as a key artery for global oil shipments, has been dramatically curtailed since the Iran war began.

The passage of oil tankers and other commercial ships has all but halted in the strait, sparking concerns that a prolonged conflict in the region could constrain global oil supplies, according to economists. Crude prices, which hovered below $70 per barrel in the days before the start of military operations on Feb.…