Iran has announced that the Strait of Hormuz will remain closed until its demands are fulfilled, escalating tensions in the ongoing U.S.-Iran conflict over this strategic maritime chokepoint. The closure affects a critical route for global oil and LNG traffic, impacting international markets. Tehran is tying the reopening of the strait to political concessions, posing a significant challenge to diplomatic negotiations currently underway with Oman and the United States. Market pricing suggests a notable drop in the probability of reaching a U.S.-Iran agreement by the August 15 deadline.
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