Iran has warned the United States of severe retaliatory measures if American attacks resume, affirming its control over the Strait of Hormuz. The ongoing conflict stemming from U.S.-Israeli strikes has kept the vital sea passage of Hormuz closed for two months. This closure has disrupted global oil and gas supplies, impacting nearly a third of the world’s fertilizer resources that typically traverse these waters.
As a result of the strait’s closure, energy prices have surged, raising concerns about a potential economic downturn. Despite a ceasefire in place since April 8, Iran continues to block the strait, while the U.S. has imposed a naval blockade on Iran’s crucial oil exports.
Reports indicate that U.S. President Donald Trump is set to receive a briefing on new military actions against Iran to compel negotiations. Such actions have caused fluctuations in oil prices, with Brent crude initially spiking to over $126 US per barrel before stabilizing around $114 US.
Iran has vowed to maintain control over the Strait of Hormuz, with Supreme Leader Mojtaba Khamenei emphasizing that foreign interference will not be tolerated in the region. The closure of the strait has raised concerns about global growth and inflation, with UN Secretary General António Guterres warning of potential adverse economic impacts.
Efforts to resolve the conflict have faced challenges, with the U.S. considering various military options, including taking over parts of the strait. Additionally, discussions are ongoing to form an international coalition to reopen the waterway, with countries like France, Britain, and Canada participating in talks.
Despite the mounting tensions, Iran has proposed a resolution that would postpone discussions on its nuclear program until after the conflict ends. The White House, however, appears reluctant to accept these terms, as Iran seeks recognition of its right to enrich uranium for peaceful purposes.
