Iran maintains control of Hormuz as rial collapses and oil exports fall
Iran's military said on 5 October that it still controls the Strait of Hormuz despite the rial plunging to a historic low and oil exports slipping, after the oil minister resigned. Earlier, Iran's foreign ministry warned Washington to ease its demands on the strait and said Tehran was prepared for military action if the United States pursued a denuclearisation route. Prior to that, Iranian officials reiterated that the waterway would remain closed until seven conditions outlined in the Islamabad Memorandum were met, following two tanker strikes near Oman and in the strait. Earlier still, officials said they had received a U.
S. response to a peace proposal while the rial hit a new historic low and the United States imposed additional sanctions. At the start of the episode, the foreign minister noted the rial fell to about 2. 2 million per dollar and said indirect talks with the United States on reopening the strait were becoming more serious.
