Insurers announced they were cancelling war risk coverage after the IRGC said the Strait of Hormuz was 'closed'.

One-fifth of the global oil is shipped through the strait, which remains effectively closed amid US-Israeli war on Iran.

Regime's strategy is not battlefield victory but raising the regional and global costs of any attempt to overthrow it.

Trump is calling for US allies to help guarantee shipping through the Strait of Hormuz as NATO relocates Iraq personnel.