Underwater mine warning and a naval blockade—this is not a drill. Shipping insurance premiums are about to explode, and the volatility of related tokens will be cranked to the max tonight.

CoinJie.com news reports that after Iran announced the closure of the Strait of Hormuz on Saturday, the Islamic Revolutionary Guard Corps Navy in Iran warned all types of vessels not to approach the waterway. A reporter from Iran’s national radio and television broadcaster said that the IRGC Navy has issued the warning via radio broadcasts and has directly contacted ships in the area. The warning stated that vessels attempting to pass through the strait may encounter mines or become targets of Iranian naval forces. The reporter also said that ship traffic in the Persian Gulf has “further reduced” compared with a few hours earlier.