Iran bars all foreign military vessels from Strait of Hormuz

The two neighboring nations of Iran and Oman have resumed discussions regarding managing the Strait of Hormuz amid escalating economic pressures. The Strait, which previously facilitated one-fifth of global oil and liquefied natural gas shipments, has been largely dormant since the onset of war in February. Iran and Oman are currently deliberating on the possibility of establishing a temporary navigational corridor through the strait, as well as clearing it of mines.

President Donald Trump has previously claimed all mines have been removed from the waterway. Despite a cessation of active hostilities between the US and Iran, diplomatic endeavors to achieve a peace settlement have stalled, leaving passage through the waterway perilous. A recent incident involved an oil tanker being struck and disabled approximately 9 nautical miles northeast of Oman's Ash Shishah, the entrance to the strait.

Additionally, Iran's state television transmitted a video suggesting a potential plot to assassinate President Trump's youngest son, Barron, alleging a $10 million bounty for his death. Meanwhile, the US is gradually reopening diplomatic missions in the Middle East that were previously closed or scaled down due to tensions with Iran.

This move indicates Washington's assessment of reduced risk for the conflict with Iran to escalate in the near future. However, some embassies will initially operate at reduced capacity. The US has also threatened to penalize countries that maintain business with Iran, but has refrained from implementing sanctions immediately. Oil prices have declined for two consecutive days as traders discount the effects of US sanctions, while Iran has denounced the US efforts to isolate its economy as an act of "gross lawlessness."