Iran outlines Gulf restricted zone, Oman corridor plan

Iran has issued a stern warning that any further US attacks on its assets could lead to retaliatory strikes against energy infrastructure across the Gulf, including American oil and gas interests. This warning came as oil prices reached near six-week highs, due to concerns of further escalation disrupting global energy supplies.

Iranian Parliament Speaker Mohammad Baqer Qalibaf emphasized that Iran's oil and gas production chain is sprawling, accessible, and exposed, making American energy companies in the region vulnerable to retaliation. Since the conflict began on February 28, Iran has tightened restrictions on shipping through the strategically vital Strait of Hormuz, a critical route for global oil and liquefied natural gas supplies.

In response to the escalating tensions, Iran's senior security official, Mohsen Rezaei, announced plans to introduce a new shipping corridor through the Strait of Hormuz and declare a restricted zone, which would begin where the US naval blockade starts and extend into Gulf waters. The US and Iranian forces exchanged attacks on shipping over the weekend, raising concerns of further escalation despite diplomatic efforts showing little progress in ending the conflict.

The incident has also heightened tensions in Lebanon, where Israeli strikes on a southern town killed at least 12 people on Monday, amid fears of a renewed Israeli military campaign. The ongoing conflict has already severely impacted shipping through the Strait of Hormuz, with an average of only 10 commodity vessels transiting the waterway per day over the past 10 days, the lowest level since May.