Hossein Taeb, head of Iran’s paramilitary Basij force, declared that the Strait of Hormuz is under Iranian control and management, according to Fars News Agency. This statement from a senior Iranian official reinforces Iran’s stance over this critical global oil shipping route and could complicate ongoing negotiations with the United States. Markets have reduced the perceived likelihood of an imminent agreement between the two countries: odds on a deal by August 15 have dropped to 3.9%. Observers should monitor diplomatic communications from key parties, including U.S. Central Command and Iranian maritime authorities.
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