The Strait of Hormuz Is Closed — Again

Iran shut down the Strait of Hormuz over the weekend, citing the US naval blockade — just one day after both sides declared it open. The Washington Post

Iran's position is blunt: "It is impossible for others to pass through while we cannot." The US has forced 23 ships to turn around as part of its port blockade. NPR Iranian gunboats have already fired on at least two tankers attempting to transit. CNN

Diplomatically, US-Iran talks collapsed last weekend, with Iran demanding the US drop what it calls "excessive demands" before any further negotiations. CNBC

The stakes are massive. Around 20% of global oil flows through this strait. NPR When it briefly reopened Friday, oil dropped 10% instantly. CNBC Now that it's closed again, expect the reverse.

No deal is close. Iran's own parliament speaker says the two sides still have a long way to go.

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