Live Updates: Iran says it will expand control in Strait of Hormuz as oil and gas prices continue to climb

BREAKING: Iran says it will expand control in the Strait of Hormuz as oil and gas prices continue to climb, warning US energy firms' facilities in the region are 'exposed'.

Iran says it's expanding control over the Strait of Hormuz.

That's the channel a fifth of the world's oil moves through every single day, and you can see how narrow it is here. Tehran didn't stop at the shipping lanes either. It warned that American energy firms' facilities in the region are, in its word, exposed. That's not a policy statement, that's a target list read out loud.

Oil and gas prices were already climbing before this, and every trader on earth just priced in the next escalation. Tanker owners are recalculating insurance, Gulf producers are recalculating routes, and Washington is recalculating what it does if Iran actually follows through on the water.

The hard fact is this. One country just claimed authority over the world's most important energy chokepoint, and named the companies inside its reach. What happens next is not up to the market.

This is Sara White, reporting for HIT.