Iran has once again asserted control over the crucial Strait of Hormuz as the conflict enters its 49th day on Saturday. Iranian officials declared that the strait, a vital passage for 20% of the world’s daily oil supply, will remain closed until the United States lifts its blockade on Iranian vessels and ports.
Here’s the latest update:
Iran Fires on Tanker in Strait of Hormuz
6:23 p.m. ET – Vessels in the Strait of Hormuz were compelled to reverse course on Saturday after Iran re-closed the waterway and opened fire on a ship attempting to transit. The British military reported that two gunboats, crewed by members of the Iranian Revolutionary Guard, fired upon a tanker. The U.S. Maritime Trade Operations center confirmed that both the ship and its crew are safe, though it did not disclose the identity of the involved vessel.
Status of Peace Talks
2:45 p.m. ET: The precarious ceasefire among Israel, the U.S., and Iran is slated to expire by Wednesday. Iran announced it had received new proposals from the United States, with Pakistani mediators actively working to facilitate another round of direct negotiations. For Iran, the closure of the strait represents perhaps its most potent leverage, threatening the global economy and creating political pressure for President Donald Trump. Conversely, for the United States, the blockade maintains pressure and could further cripple Iran’s already struggling economy. Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, delivered defiant statements on Saturday, asserting that the navy stands “ready to inflict bitter defeats on its enemies.” He has not been seen publicly since his ascension to the position following his father’s death during Israel’s initial offensive.
Iran Re-closes Strait of Hormuz
8:15 a.m. ET: Iran had fully reopened the Strait of Hormuz to commercial shipping on Friday, but President Donald Trump stated that the American blockade on Iranian ships and ports “will remain in full force” until Tehran reaches an agreement with the U.S., particularly concerning its nuclear program. Prior to the U.S. and Israel initiating hostilities against Iran, nearly 20% of the world’s oil transited through the strait daily. Iranian officials condemned the blockade as a violation of last week’s ceasefire agreement between Iran and the U.S. Iran’s parliamentary speaker, Mohammad Bagher Qalibaf, posted on X early Saturday that the strait “will not remain open” if the blockade persists. According to The Wall Street Journal, approximately 20 ships have turned back since Iran regained control of the strait, and at least two vessels were reportedly fired upon.
Background:
Trump implemented the blockade earlier this week after Iran restricted traffic through the strait due to fighting in Lebanon, which Iran claimed constituted a breach of the Pakistan-brokered ceasefire. Trump subsequently hinted that a second round of direct US-Iran talks might occur this weekend.
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Oil prices plummeted by 9% and the Dow Jones Industrial Average surged by as much as 1,100 points after Iran announced the strait was open, allowing tankers to resume shipments from the Persian Gulf. U.S. stocks recorded a third consecutive weekly gain amidst hopes of averting a worst-case economic scenario. Data firm Kpler noted “cautious optimism” in markets but cautioned that a return to normalcy could take “months, not weeks.”
Ceasefire Holds in Lebanon, Israel
8:15 a.m. ET: A 10-day ceasefire between Israel and Lebanon commenced at midnight Friday and appears to be holding after over a month of conflict between Israel and Hezbollah, despite the Iran-backed Lebanese militant group not being a signatory to the agreement. Israeli Prime Minister Benjamin Netanyahu declared that Israel is “not finished yet” with Hezbollah. Hezbollah stated its response would be contingent on evolving events. The fragile calm has prompted thousands of displaced Lebanese families to return home. The Israel-Hezbollah conflict has displaced over a million people in the small nation. Nearly 2,300 individuals in Lebanon have been killed by Israeli airstrikes.
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