Iran Reimposes Closure of Strait of Hormuz Amid Ongoing U.S. Blockade

Iran has reinstated the closure of the Strait of Hormuz, a critical maritime passage through which approximately 20% of the world's oil supply transits. This decision comes in response to the ongoing U.S. blockade of Iranian ports. The Iranian military announced that the strait has "returned to its previous state" and is under the "strict management and control of the Armed Forces."

The closure follows reports of Iranian gunboats firing upon commercial vessels attempting to navigate the strait. Notably, two India-flagged ships were targeted, leading to heightened concerns over maritime security in the region.

Iranian parliamentary Speaker Mohammad Bagher Ghalibaf stated that while there has been "progress" in negotiations with the U.S., significant gaps remain. He emphasized that Iran would continue to restrict passage through the Strait of Hormuz as long as the U.S. blockade of Iranian ports persists.

U.S. President Donald Trump convened a Situation Room meeting to address the escalating crisis. He criticized Iran's actions, stating that the U.S. would not be "blackmailed" and reaffirmed the continuation of the blockade until a comprehensive agreement is reached.

The closure of the Strait of Hormuz has already impacted global oil markets, with the United States Oil Fund (USO) trading at $116.04, down 7.74% from the previous close.

Diplomatic efforts are ongoing, with Pakistani mediators working to arrange further negotiations before the current ceasefire expires on Wednesday. Both sides acknowledge progress but also recognize the challenges that remain in reaching a lasting resolution.