An Iranian official has declared that the Strait of Hormuz will remain closed until the United States meets Iran’s conditions, prolonging a standoff that has disrupted this major oil shipping route since late February 2026. Iran’s demands include sanctions relief, the release of frozen Iranian assets, and the imposition of 5-7% transit fees on cargoes through a proposed Persian Gulf Strait Authority. The June 2026 memorandum of understanding, which called for a phased lifting of the US blockade within 30 days and guaranteed safe passage within 60 days, collapsed due to compliance disputes between both parties. Oman is serving as a mediator between the two sides, while the six-month disruption threatens to significantly push oil prices higher and increase volatility across energy markets.
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