Tehran has stated it will require concessions from the United States before agreeing to reopen the Strait of Hormuz, a critical global oil shipping chokepoint. The development suggests an ongoing closure or blockage of the strategic waterway.
Tehran has stated it will require concessions from the United States before agreeing to reopen the Strait of Hormuz, a critical global oil shipping chokepoint. The development suggests an ongoing closure or blockage of the strategic waterway.
Iran announced that negotiations with Oman on new shipping lanes in the Strait of Hormuz are in final stages, but insisted the waterway will not reopen until the U.S. provides compensation, lifts sanctions, and meets other demands. The announcement came as the UAE reported an Iranian missile strike on one of its ships in the strait.
The United Arab Emirates condemned what it called an Iranian missile attack on an Abu Dhabi National Oil Company vessel transiting the Strait of Hormuz, calling it an act of piracy. No casualties were reported in the incident.
The U.S. Defense Department is pressing defense companies to dramatically speed up weapons production and deliveries amid concerns that the ongoing war with Iran has exhausted critical missile and munitions supplies. Deputy Defense Secretary Steve Feinberg told contractors that "years-long development cycles are not acceptable," though funding to boost production remains stuck in Congress as diplomatic deadlock continues over the Strait of Hormuz.
Iran has revealed details of negotiations with Oman over reopening the Strait of Hormuz, stating any agreement would prohibit U.S. and Israeli vessels and require changes in U.S. behavior. The announcement comes amid escalating tensions, including reported attacks on UAE vessels and U.S. efforts to accelerate weapons production.
Iran's parliament is considering legislation that would prohibit vessels linked to the United States, Israel, and other "hostile countries" from transiting the Strait of Hormuz, while imposing fines of up to 20% of cargo value on violators. The Trump administration has rejected the proposed restrictions on the strategic waterway through which significant global oil traffic passes.
The S&P 500 and Dow Jones Industrial Average reached all-time highs on August 4-5, 2026, driven by optimism over potential progress on reopening the Strait of Hormuz and strong corporate earnings. The Nasdaq lagged as SpaceX and AMD shares fell despite positive earnings reports.
British Foreign Secretary Ed Miliband held his first meeting with U.S. Secretary of State Marco Rubio in Washington, where discussions focused on Ukraine, European security responsibilities, and reopening the Strait of Hormuz. Miliband faced questions about his past criticisms of President Trump, which he declined to address directly.
Indian oil refiners are increasingly purchasing crude from West African sources, including Nigerian grades, while some seek to avoid Gulf routes through the Strait of Hormuz and Red Sea amid ongoing regional tensions. Mangalore Refinery bought 1 million barrels of Oman crude while Hindustan Petroleum purchased 2 million barrels of Nigerian crude for its Rajasthan refinery.
Iran and Oman have reached an understanding on coordinates for a new 'middle corridor' shipping route through the Strait of Hormuz, with officials from both countries and the US indicating a deal to reopen the strategic waterway could be announced within days. Iran says reopening depends on the US ending its naval blockade of Iranian ports.
Bitcoin and Ethereum prices rose in early August 2026, with BTC reaching $64,000, as traders shifted from altcoins to large-cap cryptocurrencies. Market sentiment improved on optimism surrounding potential US-Iran negotiations to reopen the Strait of Hormuz, while whale accumulation and increased Ethereum staking activity affected market dynamics.
Bitcoin and Ethereum prices rose in early August 2026, with BTC reaching $64,000, as traders shifted from altcoins to large-cap cryptocurrencies. Market sentiment improved on optimism surrounding potential US-Iran negotiations to reopen the Strait of Hormuz, while whale accumulation and increased Ethereum staking activity affected market dynamics.
Bitcoin traded between $62,000 and $65,000 in early August 2026, failing to break resistance despite the S&P 500 hitting all-time highs and adding $2 trillion in market cap. Improved macro sentiment from easing geopolitical tensions, including potential US-Iran Strait of Hormuz deal, and softer Treasury yields supported a modest recovery from July lows near $57,700.
President Donald Trump announced he is halting new military strikes against Iran, stating that Middle East allies have agreed to the parameters of a deal to end the five-month conflict and reopen the Strait of Hormuz, contingent on a rapid agreement being finalized.
The UK Maritime Trade Operations (UKMTO) reported two maritime incidents off Oman on Saturday, including a tanker struck by an unknown projectile approximately 11 nautical miles northeast of Lima, leaving the vessel not under command with engine room damage. A second incident involved reports of a large splash and explosion near another tanker.
Turkey and Iraq have signed a one-year agreement to maintain operations of the Iraq-Turkey crude oil pipeline to Ceyhan port, with capacity for 750,000 barrels per day. The deal provides Baghdad with a critical northern export route as ongoing tensions continue to disrupt shipping through the Strait of Hormuz.
A geopolitical analysis explores how African nations could economically and strategically benefit from increased energy exports if the Strait of Hormuz faces disruption, while noting that structural weaknesses may limit the continent's ability to capitalize on such opportunities.
QatarEnergy has bought 33 spot liquefied natural gas cargoes from the United States this year for delivery to South Korea, Taiwan, Bangladesh, India, and Japan after Qatari gas exports through the Strait of Hormuz were halted, according to trade and industry sources.
A QatarEnergy-controlled liquefied natural gas tanker exited the Strait of Hormuz overnight, marking the first such vessel to leave the strategic waterway since July 11, ending a nearly three-week period without recorded LNG tanker departures.
President Donald Trump vowed major retaliation against Iran and the Houthis after the group said it had attacked two Saudi oil tankers in the Red Sea, threatening to extend the Middle East conflict to another critical shipping chokepoint. Oil prices surged above $100 per barrel amid fears of wider shipping disruption, while the U.S. military carried out another round of strikes on Iran.
Brent crude oil climbed above $100 per barrel for the first time in 45 days after Houthi attacks on Saudi tankers in the Red Sea and President Trump's warning of infrastructure strikes against Iran for each attack in the Strait of Hormuz.
President Trump threatened to destroy Iranian infrastructure including bridges and power plants in retaliation for attacks on commercial shipping in the Strait of Hormuz, as the US conducted its 11th consecutive night of strikes against Iran and Tehran warned of escalating regional conflict.
The US expanded attacks deeper into Iran, striking bridges and energy infrastructure near Tehran, while Iran retaliated with missile and drone attacks on Bahrain, Kuwait, Jordan, and Qatar. The conflict intensified after the US reimposed its naval blockade on Iranian ports.
The US announced it will enforce a maritime blockade on Iran effective July 14, 2026 at 2000 GMT, applying restrictions to all vessel traffic regardless of flag. The Joint Maritime Information Center (JMIC) indicated that force may be used against non-compliant vessels.
President Donald Trump declared the United States will become the "guardian" of the Strait of Hormuz and impose a 20% fee on all cargo passing through the strategic waterway, while simultaneously announcing the reimposition of a naval blockade on Iran. The announcement comes amid escalating tensions with Iran and includes U.S. military strikes.
The United States launched multiple waves of strikes on Iran following Tehran's attack on a container ship in the Strait of Hormuz that left one crew member missing. Iran's Revolutionary Guard declared the strait closed and retaliated by targeting U.S. military bases and Gulf states, escalating a dangerous standoff over the vital waterway.
President Donald Trump warned via Truth Social that the US military would 'decimate and destroy all areas of Iran' if he is assassinated, as regional diplomatic efforts continue with Oman reportedly proposing a plan to manage Strait of Hormuz traffic through separately controlled routes.
Unidentified airstrikes targeted Iran hours after U.S. Central Command announced the completion of its 90-target operation, with no country claiming responsibility. The attacks occurred amid escalating U.S.-Iran tensions following the burial of Supreme Leader Ayatollah Ali Khamenei and Iran's assertion of sole control over the Strait of Hormuz.
Maritime traffic through the Strait of Hormuz has fallen steeply after renewed military confrontation between the United States and Iran, following the collapse of a preliminary peace agreement and Iranian attacks on commercial vessels. The disruption is causing significant impacts on global energy markets.
The United States and Iran engaged in their most extensive military exchange since signing an interim deal last month, with attacks targeting commercial vessels and US military installations across the Middle East. President Trump indicated Iran has requested continued negotiations while revealing he has left instructions in case of his assassination.
Russia has imposed a full ban on diesel exports following systematic Ukrainian drone attacks on its oil refineries that caused widespread domestic fuel shortages and price spikes. The move comes as global energy markets face additional strain from disruptions in the Strait of Hormuz.
A Qatari liquefied natural gas tanker sustained significant damage after an attack in the Strait of Hormuz on Tuesday, sparking a fire in its engine room and raising explosion concerns. In response, Qatar has paused efforts to ramp up production at the world's largest LNG facility due to transit safety fears.
The United States military conducted air strikes against targets in southern Iran in retaliation for Iranian attacks on commercial vessels in the Strait of Hormuz, while the Trump administration simultaneously revoked sanctions waivers on Iranian oil sales. Iran has vowed a 'crushing response' to the strikes.
Iran's military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday, setting at least one tanker ablaze. The attacks occurred as Iran mourns Supreme Leader Khamenei and as President Trump heads to a NATO summit.
Multiple vessels attempting to exit the Strait of Hormuz made abrupt U-turns on July 4-5, 2026, with ship traffic along the Omani coast dropping sharply as some tankers shifted to routes closer to Iran. Iran has previously stated that vessels should only transit through routes designated by the Islamic Republic, though the exact cause of the reversals remains unclear.
Iran's ambassador to China stated that Beijing and other friendly nations will receive special considerations on service fees for ships transiting the Strait of Hormuz, a critical global oil shipping chokepoint.
The United Kingdom and France have agreed to work with Oman to ensure safe navigation through the Strait of Hormuz and Oman's territorial waters, with plans to deploy a multinational force to restore secure transit through the strategic waterway.
Iran has warned oil tankers to use approved routes through the Strait of Hormuz or face a 'forceful response,' with BBC reporters witnessing seized vessels and stranded tankers. Oman is navigating a delicate diplomatic position over the new fees and restrictions in the critical waterway.
The United States threatened to withhold interceptor systems from Saudi Arabia after the kingdom refused to allow US forces to use its bases and airspace for escort missions in the Strait of Hormuz during the ongoing US-Israel war on Iran that began in late February 2026.
President Donald Trump and Treasury Secretary Scott Bessent publicly demanded that gasoline retailers immediately reduce prices, with Bessent warning "we're watching." The pressure comes as crude oil prices have fallen following progress on reopening the Strait of Hormuz and a memorandum of understanding with Iran, though gas prices had risen 40.5% year-over-year through May.
Iran's joint military command has warned that all commercial vessels must use Tehran-approved routes through the Strait of Hormuz or face forceful action, even as indirect US-Iran negotiations in Doha show cautious progress. The threat comes as BBC journalists witnessed seized ships in the strategic waterway.
Iran launched drone and missile attacks on Kuwait and Bahrain on Sunday following consecutive US airstrikes against Iranian targets near the Strait of Hormuz, threatening to halt all negotiations as the 121-day conflict escalates. Kuwait intercepted Iranian drones and ballistic missiles while Bahrain activated air raid sirens.
President Trump issued warnings that Iran 'will no longer exist' while alternating between threats and negotiation rhetoric, creating confusion among foreign policy experts. Meanwhile, Kazakhstan's leader praised Trump and deepened U.S. ties to counterbalance Russia and China, as Iran warned against challenges to its control of the Strait of Hormuz.
The United States and Iran engaged in a weekend of military exchanges following a drone attack on a vessel in the Strait of Hormuz, threatening their fragile interim peace agreement. Both countries have since agreed to pause hostilities and send delegations to Qatar for talks, though disagreements remain over the format of negotiations.
A fragile shipping recovery in the Strait of Hormuz following a U.S.-Iran deal has been disrupted by an estimated 80 mines in shipping lanes and a renewed attack on a vessel, forcing the UN to pause evacuation operations. Industry leaders warn the mines could delay normal shipping for months.
Secretary of State Marco Rubio convened with Gulf Cooperation Council foreign ministers in Manama on June 25, 2026, to discuss a broader Iran agreement including curbs on missiles and proxies, while reaffirming US-Gulf partnerships and addressing regional issues in Syria, Lebanon, and Gaza.
Secretary of State Marco Rubio met with Gulf Arab leaders to address their concerns about being excluded from U.S.-Iran negotiations, while setting red lines including rejecting any Iranian fees on Strait of Hormuz shipping. Rubio broke his silence after more than a week on the emerging Iran agreement.
Multiple oil tankers sailed through the Strait of Hormuz on Thursday using a UN-recommended route despite Iranian threats, as oil prices dropped to pre-conflict levels following US-Iran talks in Switzerland that resulted in partial sanctions relief. One cargo ship was reportedly hit by a projectile during the passage.
The International Maritime Organization announced an evacuation plan for hundreds of ships and approximately 11,000 sailors stranded in the Gulf for months, following a ceasefire agreement between Iran and the United States that enables safe passage through the Strait of Hormuz.
U.S. Secretary of State Marco Rubio is visiting the United Arab Emirates, Kuwait, and Bahrain to address Gulf Arab concerns about a preliminary agreement with Iran that aims to end hostilities. Rubio emphasized that no country, including Iran, would be allowed to charge tolls for shipping through the Strait of Hormuz.
The United States has authorized Iranian oil sales through August, easing decades-old sanctions following productive negotiations in Switzerland. The move comes as part of a broader push toward a final peace deal involving nuclear inspections and free transit through the Strait of Hormuz.
The United States lifted its naval blockade of Iranian ports on Thursday, allowing oil tankers to move freely through the Strait of Hormuz after President Trump and Iranian President Masoud Pezeshkian signed an interim peace agreement. The deal, which starts a 60-day clock for final negotiations, drew sharp criticism from Israeli leaders, prompting Vice President JD Vance to tell Israel to "wake up and smell the reality" of its international isolation.
Prime Minister Keir Starmer committed the UK to playing its "full part" in reopening the Strait of Hormuz as soon as possible, following a significant agreement with Iran brokered by US President Donald Trump. The announcement came during G7 meetings where Starmer and Trump met face-to-face.
The United States and Iran have signed an interim ceasefire agreement ending their war, with the deal covering issues including the Strait of Hormuz and Lebanon. Lebanese families are beginning to return to damaged towns in southern Lebanon as the fragile truce takes hold, though President Trump has threatened to resume attacks if Iran fails to honor commitments.
The United States and Iran have reached a ceasefire agreement ending months of military conflict that began in late February 2026. The deal reopens the Strait of Hormuz and ends the U.S. naval blockade on Iranian ports, though critical issues including Iran's nuclear program remain unresolved.
Iran has exported 40 million barrels of oil at a 20% premium following the end of U.S. sanctions enforcement, while its strategic control over the Strait of Hormuz appears to be diminishing as Gulf Arab oil reaches markets through alternative routes.
An American Apache helicopter crashed near the Strait of Hormuz with President Trump accusing Iran of shooting it down. The two pilots were rescued and are reportedly safe, but Trump has vowed the U.S. will respond to the incident.
The oil cartel OPEC+ has approved a modest increase to its collective oil production quotas, raising output by 188,000 barrels per day starting in July 2026, though concerns about the Strait of Hormuz may limit the practical impact of the increase.
The European Union sanctioned two Iranian individuals and an Islamic Revolutionary Guard Corps unit for restricting maritime traffic through the Strait of Hormuz, a critical waterway handling approximately one-fifth of global oil flows. The blockade has escalated tensions amid broader conflict with Israel and reports of vessels evading restrictions through covert routes.
The United States military carried out strikes on Iranian missile launch sites and boats allegedly laying naval mines in southern Iran on Monday, according to US Central Command. The military action, described as self-defense measures, comes amid ongoing tensions even as President Trump indicated negotiations were progressing.
Oil and LNG tankers have begun transiting through the Strait of Hormuz following an agreement between the United States and Iran to reopen the critical waterway. Vessels from Abu Dhabi National Oil Company and other operators are moving shipments to Pakistan, China and other destinations, causing oil prices to decline.
President Donald Trump insists negotiations with Iran over reopening the Strait of Hormuz and nuclear concerns are proceeding, calling them Tehran's 'last chance' for a deal, while Iran denies direct talks with the US and says it is only negotiating with Oman over temporary shipping routes.
President Trump announced Saturday that a broader agreement with Iran has been 'largely negotiated' and the Strait of Hormuz would be reopened, though he told Axios he remained '50/50' on finalizing the deal and would decide by Sunday whether to resume the war.
Iranian military forces seized a vessel reportedly operating as a 'floating armoury' near the UAE's Fujairah oil terminal and are taking it toward Iranian waters. The seizure occurred as President Trump and Chinese President Xi Jinping met to discuss keeping the Strait of Hormuz open, with the vessel reportedly owned by a Chinese security firm.
Defense Secretary Pete Hegseth addressed questions about potential Iranian weaponization of marine mammals in the Strait of Hormuz during a Tuesday briefing, denying the existence of 'kamikaze dolphins' while acknowledging the historical military use of marine mammals.
Approximately 30 vessels crossed the Strait of Hormuz despite ongoing Iran war tensions and attacks on shipping, with a Chinese Cosco supertanker notably crossing without paying tolls at Larak on the day President Trump arrived in Beijing for a summit.
Hezbollah drones, including inexpensive fiber-optic models costing around $300, successfully struck Israeli military positions including an Iron Dome battery in northern Israel, injuring soldiers. The escalating drone warfare in southern Lebanon is complicating Iran-U.S. negotiations over the Strait of Hormuz.
Indian Prime Minister Narendra Modi called on citizens to cut petrol and diesel consumption and work from home as the Middle East conflict disrupts energy supplies and impacts India's economy, demonstrating the war's far-reaching economic effects.
Aramco CEO Amin Nasser stated the current energy supply shock from the Strait of Hormuz closure is the 'largest the world has ever experienced,' with 100 million barrels per week of oil supply lost globally.
Saudi Aramco reported first-quarter net profit of $32.5 billion, a 25.5% increase, as the company benefits from soaring oil prices driven by the Strait of Hormuz crisis. CEO Amin Nasser stated the world lost approximately one billion barrels of oil supply over two months.
Qatar's Ministry of Defence reported a cargo vessel was struck by a drone off its waters, causing a fire with no injuries. Kuwait separately detected multiple 'hostile drones' in its airspace. A bulk carrier was also struck by an unknown projectile near Qatari waters.
US forces fired on two Iranian-flagged oil tankers attempting to cross the blockade near the Strait of Hormuz and struck Iranian military facilities after what the US described as 'unprovoked' attacks on Navy ships. Iran accused the US of undermining diplomacy while keeping Washington waiting for a response to its latest peace proposal.
Iranian officials say both countries are reviewing a brief proposal that would reopen the Strait of Hormuz and provide 30 days to negotiate a comprehensive deal. Trump expressed optimism about talks while Iran indicated the supreme leader is overseeing key decisions on the matter.
U.S. Secretary of State Marco Rubio met with Italian Prime Minister Giorgia Meloni in Rome on Friday, urging European allies to take concrete action against Iran and support efforts to reopen the Strait of Hormuz, while expressing frustration that allies are not backing Washington's confrontational approach.
A French shipping company CMA CGM container vessel was attacked while transiting the Strait of Hormuz on Tuesday, injuring several crew members who were evacuated for medical care. The incident occurred amid ongoing U.S.-Iran tensions disrupting shipping traffic in the strategic waterway.
Iran's military seized the oil tanker Ocean Koi in the Sea of Oman, claiming the vessel was attempting to disrupt Iran's oil exports. China separately reported that an oil tanker with Chinese crew was attacked in the Strait of Hormuz.
The UN's International Maritime Organization reported that around 1,500 ships and approximately 20,000 seafarers remain trapped in the Persian Gulf due to the Iranian blockade of the Strait of Hormuz, facing severe hardship as the standoff continues.
Saudi Arabia and other Gulf states reportedly restricted US military access to their airspace and bases, forcing Trump to pause the Strait of Hormuz escort operation. The move reflects Gulf frustration with US military actions in the region.
Iran has created a government agency to control and tax vessels passing through the Strait of Hormuz, according to Lloyd's List Intelligence, as the country simultaneously reviews a peace proposal from the United States and calls for dialogue and diplomacy.
A US F/A-18 Super Hornet fired on and disabled the Iranian-flagged oil tanker M/T Hasna after it attempted to break through a US naval blockade at the Strait of Hormuz. President Trump confirmed the strike and gave Iran a one-week deadline to reach a peace deal.
Australian Prime Minister Anthony Albanese announced a 10 billion Australian dollar ($7.22 billion) package to strengthen the country's fuel security through strategic stockpiles, responding to supply disruption concerns from the Strait of Hormuz blockade.
France moved its aircraft carrier through the Suez Canal into the Red Sea, positioning for a potential multinational mission to secure the Strait of Hormuz. President Macron emphasized any operation would only occur after the conflict's hottest phase subsides.
Pentagon chief Pete Hegseth confirmed the US-Iran ceasefire remains in effect despite recent military activity around the Strait of Hormuz, as the Trump administration works to finalize a broader agreement. China's foreign minister expressed concern over the conflict in discussions with Iranian officials.
Iran has introduced a new regulatory mechanism called the 'Persian Gulf Strait Authority' to manage and guide maritime traffic through the strategic Strait of Hormuz, with vessels required to receive guidance from an official email address, according to Iranian state media.
The US military destroyed seven Iranian small boats that attempted to interfere with 'Project Freedom,' Trump's operation to escort commercial ships through the Strait of Hormuz. Iran warned the operation violates the ceasefire and threatened a 'crushing response.'
Iran launched missile and drone attacks on the United Arab Emirates, striking civilian sites including oil facilities in Fujairah. Multiple countries including France, Canada, UK, Qatar, and Germany condemned the attacks. The strikes occurred amid ongoing tensions over the Strait of Hormuz blockade.
The United States and Gulf Arab nations are drafting a UN Security Council resolution to condemn Iran for blocking the Strait of Hormuz, which Iran reportedly did in response to a US-Israeli bombing campaign against the Islamic Republic.
Iran's Islamic Revolutionary Guard Corps navy issued a new map on Monday delineating areas of the Strait of Hormuz under its control, according to state media, as shipping through the critical waterway remains at a standstill.
Oil prices jumped approximately 6% on Monday following Iranian attacks on a UAE oil port and ships in the Strait of Hormuz over the past 24 hours, marking the most serious escalation since a U.S.-Iran ceasefire took effect in early April.
Iranian forces opened fire on U.S. Navy warships transiting the Strait of Hormuz on Monday, prompting American forces to retaliate by destroying six to seven small Iranian boats. The U.S. military also intercepted Iranian cruise missiles and drones during the engagement.
Iran's navy prevented U.S. warships from entering the Strait of Hormuz and fired shots at vessels in the strategic waterway, prompting President Trump to announce a U.S. operation to guide stranded ships through the strait. At least one South Korean vessel was reportedly hit in the incident.
A vessel operated by South Korean shipping company HMM experienced a fire and explosion in the Strait of Hormuz on Monday, according to Seoul's foreign ministry. The incident occurred in the strategically crucial waterway amid heightened regional tensions.
The United States is pitching a new international coalition to restore maritime traffic through the Strait of Hormuz after shipping has stalled in the critical waterway. The initiative aims to secure passage for commercial vessels through one of the world's most important oil transit chokepoints.
Senior Iranian lawmaker warned, that "the importance of Bab el-Mandeb may be no less than that of the Strait of Hormuz" and that Iran's Yemeni allies were "waiting to block it and deliver another blow to America", threatening to extend the global shipping crisis to a second critical chokepoint.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated, that Iran's control over the Strait of Hormuz "has already been acknowledged by the United States" and that Tehran will never relinquish its jurisdiction over the waterway, while describing the US naval blockade as an "ill-considered and ignorant decision." A senior Iranian lawmaker also warned that Iran's Yemeni allies are "waiting to block" the Bab el-Mandeb strait if the blockade continues.
Brent crude jumped more than 6% to $118 per barrel; its highest since June 2022, after Trump told Axios the blockade would remain until Iran agreed to a nuclear deal, with Citi warning prices could reach $150 if the Hormuz disruption continues through June. The World Bank separately warned the war has triggered the largest oil supply shock on record, projecting a 24% surge in energy prices in 2026.
The UAE announced its withdrawal from OPEC and OPEC+ effective May 1, dealing a significant blow to the oil cartel's unity. The move comes as the organization struggles with production quotas and amid the ongoing Iran conflict affecting global energy markets.
President Donald Trump ordered the US Navy to destroy any Iranian boats caught laying mines in the Strait of Hormuz, escalating tensions as the extended ceasefire remains fragile. The US has intercepted 33 vessels since imposing the blockade.
The closure of the Strait of Hormuz has forced policymakers to reassess the vulnerability of the Strait of Malacca; the world's busiest shipping lane, carrying 22% of global maritime trade and 23.2 million barrels of oil daily, surpassing even Hormuz. The crisis has crystallized fears about what a conflict in the South China Sea or Taiwan Strait could mean for the 900km waterway that carries 75% of China's seaborne crude imports and connects East Asia to the Middle East and Europe.
Lufthansa announced the cancellation of 20,000 flights due to soaring jet fuel prices and shortages caused by the closure of the Strait of Hormuz. Airlines across Europe are lobbying governments to relax environmental rules and modify passenger compensation rights.
Crypto traders executed over $500 million in synthetic oil futures on decentralized exchange Hyperliquid over the weekend, betting on crude price movements as Iran's closure and reopening of the Strait of Hormuz created volatility.
Iran reversed its decision to reopen the Strait of Hormuz after approximately 20 hours, with Iranian gunboats reportedly firing on a tanker. Tehran says the strait will remain closed until the US lifts its naval blockade of Iranian ports.
Maritime traffic through the Strait of Hormuz is picking up after months of stagnation, with more tankers now broadcasting their satellite signals while transiting the critical energy chokepoint, indicating growing confidence among shipowners and traders.
Crude oil prices jumped nearly 8% to over $103-104 per barrel following Trump's announcement of the Iranian port blockade and the failure of peace talks. Physical oil prices in some markets approached $150 as buyers paid record premiums for immediate delivery amid supply disruption fears.
President Trump declared the US Navy will immediately blockade ships entering or leaving the Strait of Hormuz, one of the world's most critical oil transit chokepoints, following the collapse of peace negotiations with Iran.
Iran reclosed the Strait of Hormuz to commercial shipping within hours of the ceasefire announcement, with Tehran proposing to charge tolls for passage through the vital waterway. The closure threatens to unravel the fragile truce as both sides dispute terms.
President Trump announced a two-week ceasefire with Iran less than two hours before his 8pm deadline, following last-minute mediation by Pakistan. The agreement includes reopening the Strait of Hormuz and suspending US bombing operations.
Iranian officials urged young people to form human chains to protect power plants as President Trump's Tuesday deadline approaches, with the president threatening to destroy Iran's infrastructure if it doesn't reopen the Strait of Hormuz.
President Trump issued an expletive-laden ultimatum on social media giving Iran 48 hours to reopen the Strait of Hormuz or face attacks on power plants and bridges. The threat came as the war entered its sixth week with no clear diplomatic resolution.
A CMA CGM container ship successfully passed through the Strait of Hormuz, marking the first transit by a major European shipping company since Iran's blockade began. The crossing suggests Iran may be selectively allowing passage to countries not directly supporting the US-Israeli military campaign.
Britain convened a virtual summit with over 40 countries to coordinate action on reopening the Strait of Hormuz after Iran's de facto blockade of the critical oil shipping lane. The UN Security Council is also preparing to vote on a resolution to protect commercial shipping through the strait.
The UN Security Council postponed a vote on a Bahrain-drafted resolution that would authorize the use of defensive force to protect shipping in the Strait of Hormuz from Iranian attacks. China and France opposed the measure, with veto-wielding China making clear its opposition to military authorization.
The United Arab Emirates is willing to deploy troops and use force to help reopen the Strait of Hormuz, according to Arab officials cited by The Wall Street Journal. The UAE is lobbying for a UN Security Council resolution to authorize a multinational force to break Iran's chokehold on the strategic waterway.
Treasury Secretary Scott Bessent announced the US will temporarily allow the sale of Iranian oil shipments already in transit, estimated to add 140 million barrels to the market. The move comes as oil prices hit their highest settlement since July 2022 amid Iran's closure of the Strait of Hormuz during the ongoing US-Israeli conflict with Iran.
