Iran moves to block US, Israeli shipments from Strait of Hormuz
Iranian state media on Thursday reported that Tehran could attempt to block U.S. and Israeli shipments from transiting the Strait of Hormuz under its joint venture with Oman to reopen the critical waterway to commercial traffic. Members of Iran’s parliament are reviewing a proposed bill to block “hostile” vessels from moving through the choke point...
Iran has proposed a deal with Oman to manage the Strait of Hormuz, a critical waterway for commercial traffic. According to reports, Tehran intends to block US and Israeli shipments from transiting the strait. Members of Iran's parliament are reviewing a proposed bill to block "hostile" vessels from moving through the choke point.
The proposed deal would also require compensation from hostile countries to use the strait and ban Israeli ships. A fee structure covering services like insurance and environmental costs is also proposed. Iranian naval forces have struck "hostile targets" at the entrance to the Strait of Hormuz, according to the semi-official Fars News Agency.
Oil prices have risen following the developments, with West Texas Intermediate above $78 a barrel and Brent around $82. The US has insisted on free transit through the strait and a return to the pre-war status quo, while Iran is pushing for its terms to be met. According to Live Mint, petrol and diesel prices remained steady despite a rise in Brent crude.
Brief written by urgent.news from The Hill, The Conversation AU, Live Mint, Straits Times Business, South China Morning Post — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
