The United States has warned shipping companies they face sanctions if they pay Iran for safe passage through the Strait of Hormuz, escalating a crisis that threatens global oil supplies.
Since March 7, Iran has been charging tolls of over $1 million per vessel and blocking ships from hostile nations. The strait, a critical chokepoint for global oil and LNG flows, is now at the center of heightened geopolitical tensions. President Trump has ordered Navy escorts for ships in the region and pledged significant retaliation against Tehran.
Gulf states are urging UN Security Council intervention. The U.S. sanctions warning signals a hardening stance against Iran, decreasing the likelihood of President Trump agreeing to Iranian demands. Market watchers see an increased risk of disruptions pushing WTI crude oil above $150 per barrel, while the probability of a US-Iran diplomatic meeting by June 30 has fallen to 27.6%.