United Nations Ambassador Mike Waltz has accused Iran of deploying sea mines and attempting to impose illegal transit fees on commercial shipping in the Strait of Hormuz. Waltz called the actions “unacceptable,” stressing the global importance of keeping the waterway open. The strait handles roughly 20% of the world’s oil and LNG shipments.
The U.S. Central Command is currently conducting mine-clearing operations while enforcing a naval blockade. The UN International Maritime Organization has rejected Iran’s toll demands, signaling broad international pushback.
Prediction markets reflect growing skepticism about a near-term diplomatic resolution. The odds of Trump lifting the Hormuz blockade by the end of May have dropped, and the probability of a US-Iran meeting has also fallen. Markets now put the chance of a Hormuz blockade at 36.5%, down from 40% a day earlier.