A ship owned by an Israeli billionaire was just seized by Iran in the Strait of Hormuz.

This could be a precursor to a broader naval operation by the Iranians. The Houthis have already blocked access to the Red Sea and if the Iranians start seizing ships in the Strait of Hormuz, this will cause some major economic problems not just for Israel but also the West. A significant amount of the world’s oil supply is shipped through the Strait of Hormuz. Blocking this passage to ships would cause the price of oil to rise significantly.

There’s also a great deal of speculation that the Iranians will be retaliating against Israel this weekend. If this does happen, I’ll be providing extensive coverage of the unfolding events.