Global energy markets and regional security were thrown back into uncertainty on Saturday whenn Iran again restricted traffic through the Strait of Hormuz after US President Donald Trump didn’t issue fresh orders to lift his own blockade on the world’s busiest chokepoint.
A convoy of oil tankers successfully crossed the waterway earlier in the day following Tehran’s announcement that commercial shipping had resumed after 7 weeks.
Later today, Iran declared that the strait had “returned to its previous state,” as naval forces failed to lift pressure on Iranian ports.
Trump has again warned that Washington may abandon the current ceasefire with Iran unless a long-term agreement ending hostilities is finalized before the truce expires on Wednesday. He made clear that no extension would be granted without a comprehensive deal.
The uncertainty surrounding the Strait of Hormuz has already triggered sharp market reactions. Oil prices crashed below $80 per barrel following the reopening announcement but have recovered above $85 again after Iran’s latest announcement.
Control over the Strait of Hormuz has emerged as Iran’s strongest bargaining tool in ongoing negotiations. The chokepoint may remain restricted beyond the current ceasefire arrangement if US fails to clarify the situation.
evil elements against peace must defeat