US and Iran engage in military exchanges; Strait of Hormuz closed

Tensions between the United States and Iran have escalated following renewed military exchanges, leading to Iran's closure of the Strait of Hormuz. This development comes after alleged Iranian attacks on a container ship and retaliatory strikes on Gulf neighbors, prompting the US President to declare the ceasefire over. The UN Secretary-General has warned of severe regional and global economic consequences, particularly concerning energy markets and fuel supplies.