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He said the “sheer amount of money” that may have been fraudulently claimed, estimated at £44m, “serves only to underline further that the known levels of fraud in the scheme, as our committee warned earlier in the year, must be being significantly underestimated”.

DUBAI, United Arab Emirates — Shipping traffic through the Strait of Hormuz ground nearly to a halt Wednesday as Iran fired on commercial vessels and seized others, escalating tensions with the United States and sending world oil prices sharply higher amid fears of a prolonged disruption to one-fifth of global crude supplies.

By midday Wednesday, April 22, commercial shipping in the narrow waterway linking the Persian Gulf to the Gulf of Oman was at a virtual standstill, with reports of Iranian gunboats opening fire and Revolutionary Guard forces seizing at least two vessels. Video footage showed tankers and cargo ships making abrupt U-turns to avoid the zone, while maritime tracking data confirmed only minimal transits in recent days.

The latest flare-up comes as a fragile ceasefire between the U.S. and Iran nears expiration and follows a confusing series of openings and closures of the strait over the past week. Iran briefly declared the waterway open on April 17 before reimposing tight controls days later in response to the ongoing U.S. naval blockade of Iranian ports, imposed April 13. On April 18-20, traffic slowed dramatically after shots were fired and vessels were turned back.

Oil markets reacted swiftly to the renewed uncertainty. Brent crude, the global benchmark, climbed toward the $100-per-barrel mark, with intraday trading reflecting heightened risk premiums. West Texas Intermediate futures also rose, though the Brent-WTI spread remained wide due to regional shipping disruptions. Analysts noted prices had already spiked significantly since the U.S.-Israeli military operations against Iran began Feb. 28, with Brent briefly exceeding $110 earlier in the crisis before easing somewhat on hopes of diplomacy.

The Strait of Hormuz has long been the world’s most critical energy chokepoint. Before the 2026 crisis, roughly 20-21 million barrels of oil and petroleum products passed through its waters daily, accounting for about one-fifth of global seaborne oil trade and significant volumes of liquefied natural gas. Major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Qatar rely heavily on the route, which is only about 21 miles wide at its narrowest point.

Iran’s actions this week included reports of its forces firing on three ships and seizing two others accused of violating restrictions. The Revolutionary Guard Corps said Wednesday it stopped vessels attempting unauthorized crossings and directed them toward Iranian waters. U.S. officials maintained their blockade of Iranian ports, with the Navy forcing several ships to turn around in recent days. A ceasefire extension pushed by President Donald Trump appeared under strain, with both sides accusing the other of violations.

Shipping firms have grown increasingly cautious. War-risk insurance premiums have soared, and many operators now demand clarifications on mine threats and safe passage before committing vessels. Satellite imagery and tracking services showed hundreds of ships idling outside the strait or rerouting via longer, costlier paths around Africa’s Cape of Good Hope. Industry executives warned that even a full reopening could take months to restore normal flows due to backlog, insurance issues and damaged confidence.

The crisis traces back to Feb. 28, when U.S. and Israeli strikes targeted Iranian sites, leading to the assassination of Supreme Leader Ali Khamenei and Iran’s subsequent declaration of the strait as closed or heavily restricted. Traffic plummeted by up to 70-80% in the following weeks, with attacks on vessels reported and some ships abandoned or damaged. At least a dozen incidents involving merchant ships have occurred since early March, resulting in crew casualties.

Diplomacy has produced mixed results. Talks in Islamabad aimed at extending the ceasefire stalled over key issues including sanctions relief and nuclear concerns. Iran has used the strait as leverage, alternating between threats of full closure and conditional openings while demanding the U.S. lift its port blockade. Trump has publicly stated that Iran wants the waterway open to resume oil revenue, but U.S. forces continue enforcing restrictions on Iranian-linked shipping.

Global energy markets have felt the strain. Oil prices surged in March as the disruption deepened, with Brent climbing well above $100 and the Brent-WTI spread widening dramatically due to higher shipping costs for Middle East crude. While some relief came from strategic reserve releases and alternative routing, analysts warn that prolonged restrictions could exhaust inventories and force rationing or deeper economic pain. Global supply losses from Iranian outages and reduced Gulf exports have already mounted.

Major consuming nations are scrambling for alternatives. China, a top buyer of Iranian oil, has explored workarounds, while European and Asian refiners face higher costs for rerouted cargoes. The United Arab Emirates and Saudi Arabia have accelerated plans for pipelines and infrastructure that could bypass the strait entirely, a shift that could permanently alter regional export patterns even if tensions ease.

For the shipping industry, the Hormuz crisis has been devastating. Thousands of seafarers remain at risk, with some vessels going “dark” by disabling tracking signals to slip through quietly. Freight rates for alternative routes have spiked, and insurers review coverage every 48 hours. Port operators in the Gulf report reduced activity, while downstream effects ripple into higher fuel costs for airlines, trucking and manufacturing worldwide.

Environmental and humanitarian concerns have also surfaced. Attacks on tankers raise the specter of oil spills in sensitive waters, and delays in LNG and fertilizer shipments could affect global food and energy security. The International Maritime Organization and maritime security centers continue issuing warnings to vessels to avoid the area where possible.

U.S. Central Command has reported forcing multiple ships to reverse course near the blockade zone, emphasizing freedom of navigation while targeting Iranian economic lifelines. Iran, meanwhile, portrays its actions as defensive responses to aggression, vowing swift retaliation if the U.S. does not back down.

Market participants remain on edge ahead of the ceasefire deadline. Some analysts predict further volatility, with oil potentially testing new highs if traffic stays frozen into May. Others see potential for de-escalation if backchannel talks progress, though trust is low after repeated reversals on strait access.

The 2026 Strait of Hormuz crisis has underscored the vulnerability of global energy supplies to geopolitical flashpoints. What began as part of broader conflict with Iran has evolved into a high-stakes contest over one of the planet’s most vital maritime arteries. For now, with gunboats active and vessels turning away, the world watches anxiously as oil prices climb and supply chains strain.

Longer term, the episode may accelerate diversification efforts. Pipeline expansions, floating storage strategies and investment in non-Gulf sources could reduce reliance on the strait. Yet for the immediate future, the narrow passage between Iran and Oman remains the focal point of a crisis with consequences far beyond the region.

As Wednesday’s events unfolded, shipping data showed continued low activity, with experts cautioning that full normalization — if it occurs — would require sustained calm, mine clearance and restored insurer confidence. Until then, the Hormuz chokepoint continues to dictate headlines and energy costs worldwide.

This article was written by

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Kevin O’Leary is narrowing his crypto strategy after years of experimenting across the digital asset space, arguing that most tokens have failed to justify their place in portfolios as institutional money reshapes the market.

US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNS

Shark Tank star Kevin O’Leary as a judge on Shark Tank. (Christopher Willard/Disney / Getty Images)

O’Leary Ventures Chairman Kevin O’Leary joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss why he has consolidated his holdings into what he sees as the two dominant cryptocurrencies driving returns and market activity.

O’Leary said his earlier approach included exposure to dozens of smaller tokens, but a shift in regulatory expectations and institutional analysis last year forced a reassessment. As major players conducted deeper research, he argued, the conclusion became clear: most alternative coins lacked staying power.

“I used to be one of the components… Supporting 27 different positions…  All you need to own is bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins,” O’Leary said.

CRYPTO FRAUD TOPS FBI’S ANNUAL CRIME REPORT AS AMERICANS LOSE BILLIONS TO SCAMS

He added that thousands of smaller cryptocurrencies effectively disappeared following last October’s downturn, reinforcing his decision to exit those positions.

“What’s happened to the pooh-poohs is they collapsed last October… Thousands of them never came back… At the end, why don’t you just own those two?” he said.

Despite ongoing volatility, O’Leary pointed to growing adoption of digital payment systems and stablecoins in global transactions as a key driver behind his continued conviction in the space.

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The Butcombe Brewing Co pale ale won the top prize after a blind tasting by judges

An alcohol-free beer made in a brewery near Bristol has scooped the top prize at an international competition. Butcombe Brewing Co’s Goram IPA Zero took home home a gold medal at the 2026 World Alcohol‑Free Awards.

The awards were founded in 2022 by former Michelin‑starred drinks buyer Chrissie Parkinson and writer Chris Losh, and exclusively judge drinks at 0.5 per cent ABV or below.

This year’s competition attracted more than 400 entries from 20 countries, spanning alcohol‑free beers, wines, spirits, aperitivos, teas and functional drinks. A panel of specialist judges from the UK, Europe and the US assessed products through blind tastings.

“Through two rounds of judging – and tasted blind – all our beer judges consistently loved this drink and it thoroughly deserved its gold medal,” the judges said in a statement.

“The beer section of the competition was especially strong this year, so to pick up a top award was a real achievement. To do it for the second time in four years just reinforces how consistently good an all-round brew Goram IPA Zero is.”

Goram IPA Zero’s is one of the most awarded alcohol‑free beers in the UK, with six major accolades in the past two years. Brewed with eight hop varieties, the beer is currently enjoying a surge in popularity within the running community through Butcombe Group’s partnerships with Maverick Trail Races and London Marathon events.

Jayson Perfect, Butcombe Group chief operating officer, said: “We’re incredibly proud to see Goram IPA Zero take home another gold at these prestigious world-renowned awards.

“The team has worked hard to create an alcohol‑free beer that doesn’t compromise on flavour, and this award is a brilliant recognition of that. With more drinkers choosing great‑tasting alcohol‑free options, it’s fantastic to see Goram IPA Zero leading the way.”

The news comes just two months after Butcombe announced an “exceptional sales performance” in its first full year trading under its new brand name.

The Wrington-based group – formerly known as Liberation – said its investment in its estate, particularly its accommodation, had helped it outperform the broader market over the 12 months to the end of January.