Iran Hardens Hormuz Terms as Red Sea Attack Kills Six
Hopes of reopening the Strait of Hormuz dimmed further, with an Iranian official insisting the waterway would stay shut unless the United States ended the wars in Gaza and Lebanon and released frozen assets. An Iran-backed group killed six people in an attack in the Red Sea, and Gulf shipping traffic fell to a new low. Oil held firm near $88 a barrel on the deadlock.
The strait, through which a fifth of the world’s oil normally passes, remains the central front in the standoff, and Tehran’s expanded conditions leave any deal looking distant. Pakistan’s defence minister claimed the two sides were “close” to an agreement, but the assertion was unconfirmed and at odds with Iran’s public stance, while President Trump maintains the passage is already open under American control. The fresh Red Sea attack and dwindling Gulf traffic underline how the disruption is spreading beyond the strait itself, keeping crude’s risk premium intact even as prices steadied. Any breakdown could send oil higher again. Watch whether shipping resumes or the confrontation escalates.