Crisis of the Strait of Hormuz in 2020 (2020 Crisis)

The Blockade of the Strait of Hormuz, or Crisis of the Strait of Hormuz, occurred between 21 July 2020 and 18 August 2020, after three years of tension betwen the Islamic Republic of Iran and the United States, during which the Iranian Navy blocked the Strait, leading to a diplomatic crisis betwen the Gulf nations and the USA with Iran.
The blockade was a revenge against increased US sanctions against Iranian oil in 2018, extended in April 2019, and growthing tension in the Middle East, culminating in the blockade of the Ormuz Strait.
With the blockade, oil prices skyrocketed, as 20% of world production crosses, on oil tankers, by the esterito. This affected the economies of the gulf countries, mainly Saudi Arabia, which could not export their oil, as well as the western importing nations.
The blockade of the Hormuz Strait was also in the midst of a global crisis, the 2020 Crisis, caused by the developed world debt and China's housing bubble crisis.
The blockade ended after an agreement between the Islamic Republic of Iran and the United States, in which the Trump government owes a major diplomatic defeat, having to suspend sanctions against Iran and return to the Nuclear Treaty with Iran. 
It had a profound political impact on the United States, in the midst of a presidential election, and made President Trump's popularity fall and led to his defeat.
Category:2020 Crisis