"Iranian Foreign Minister Abbas Araghchi said Sunday that vessels from different countries have already been allowed to transit the strait and that a number of governments have approached Tehran about securing safe passage for their ships. 'I cannot mention any country in particular,' he told CBS News. 'And this is up to our military to decide.'"
"Oil prices have soared as Iran's attacks on shipping in the Persian Gulf have created a de facto blockade over the strait, through which one-fifth of the world's oil and liquid natural gas flow, with Wall Street warning crude could even hit $150 a barrel in a prolonged conflict."
"Reports have indicated that Iran is getting its oil shipments out to top customer China, while hundreds of tankers carrying supplies from other countries remain bottled up in the Gulf. That keeps critical revenue rolling into Iran. By contrast, Saudi Arabia, Iraq, and other top producers have been forced to pump less with nowhere left to stash their output."
Iran is selectively controlling passage through the Strait of Hormuz, a critical waterway through which one-fifth of global oil and liquid natural gas flows. Iranian Foreign Minister Abbas Araghchi confirmed that vessels from various countries have been permitted transit, with governments negotiating safe passage directly with Tehran. Iran continues exporting oil to China while other producers face bottlenecks. Oil prices have surged significantly, with U.S. crude reaching $100.83 and Brent crude at $105.96, with analysts warning prices could reach $150 in prolonged conflict. President Trump ordered attacks on Iran's Kharg Island oil export facility and is assembling an international naval coalition to restore free navigation, requesting warships from China, France, Japan, South Korea, and Britain, though responses remain non-committal.
#strait-of-hormuz-blockade #oil-price-surge #iran-us-military-escalation #global-energy-crisis #naval-coalition
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