Iranian forces seized the MSC Francesca and Epaminondas container ships in the Strait of Hormuz. Crude oil prices jumped above $102 per barrel on April 22. Prices remained at this level through April 23 as regional shipping stalled.
The U.S. Navy Secretary resigned immediately following the escalation. The White House stated the seizures did not violate the U.S.-Iran ceasefire because the vessels were not American.
IBM and ServiceNow warned that the conflict is delaying major business contracts. These warnings reflect broader economic uncertainty stemming from the maritime disruption.