Trump-Iran Standoff Keeps Hormuz and Oil Markets in Focus
Nearly 1,500 commercial vessels have crossed the strait under U.S. protection, while Brent crude reached $119.97 per barrel on Sept. 28.
The U.S.-Iran standoff over the Strait of Hormuz continues to pressure global energy markets, with commercial traffic disrupted and Brent crude trading at $119.97 per barrel on Sept. 28.
Nearly 1,500 commercial vessels have crossed the strategic waterway under U.S. protection, carrying 750 million barrels of crude. Iran has exported no oil from its shores since the blockade resumed in July, while Gulf oil exports have recovered to two-thirds of pre-operation levels.
President Donald Trump said the United States controls the strait.
“The only one that has control of the Strait of Hormuz right now is the United States Navy,” Trump said. “We control the Strait, 100%.”
The waterway’s operating status remains disputed as commercial traffic continues to face disruption. Hormuz is important to global oil markets because of the volume of petroleum normally shipped through the route and the limited capacity of alternative pipelines and routes.
The standoff also remains tied to Iran’s nuclear activities. Speaking at the 81st United Nations General Assembly on Sept. 22, Trump said, “I will never allow Iran to have a nuclear weapon.”
A June memorandum of understanding required Tehran to use its best efforts to ensure safe passage for commercial vessels traveling from the Persian Gulf to the Seas of Oman. The administration said Iran later attacked neutral-flagged commercial vessels, after which U.S. forces resumed strikes.
The terms for any settlement remain tied to competing demands over maritime access, military action and Iran’s nuclear activities. Iran’s conditions for reopening the waterway are outlined in earlier coverage of the Hormuz reopening dispute.
