U. S. President Donald Trump said the U. S. Navy has removed or detonated all mines from the Strait of Hormuz, a vital shipping lane that Iran had largely shut down amid Middle East tensions. Trump warned Iran on Truth Social that new mining efforts would trigger immediate military action.
The closure of this crucial channel has sent global oil prices swinging, as about 20% of the world's oil and liquefied natural gas once moved through the strait. The conflict took a sharp turn on February 28 when U. S. and Israeli airstrikes hit Iranian targets, leading Iran to strike back at U. S. bases and allies in the Gulf.
Despite a ceasefire aimed at talks, fighting has persisted, including recent U. S.-Iranian exchanges. With the situation worsening, the U. S. has slapped new economic sanctions on Iran. Scott Bessent, the U. S. Treasury Secretary, warned that countries aiding Iran would face isolation.
In June, Iran and the U. S. signed a Memorandum of Understanding (MoU) with a 60-day deadline to resolve the Strait of Hormuz issue. That deadline has passed without an agreement, leading to sanctions that Trump believes could destabilize Iran's government.
Iran has been under sanctions since the Islamic Republic's founding in 1979. Despite the pressure, Ali Madanizadeh, Iran's Economy Minister, claimed the country is ready for more sanctions, predicting another U. S. failure. Iran's economy is already struggling from the conflict and a U. S. blockade of its ports to block trade.
China, the biggest buyer of Iranian oil, called the U. S. sanctions illegal and vowed to protect its interests. This comes just before a planned meeting between Trump and Xi Jinping, the Chinese President, next month. Washington is likely wary of China's potential response, given its control over a significant share of the world's rare earth minerals.
Iran wants full control over the Strait of Hormuz, a position the U. S. and many others reject, seeing the strait as international waters. Iran had previously talked with Oman, a U. S. ally, about managing the strait, but those talks haven't led to an agreement.
In Tehran, Omani Foreign Minister Badr Albusaidi expressed hope for a temporary shipping corridor in the strait. Talks included practical plans for safe navigation and future management of the waterway.
Iran's Deputy Foreign Minister Kazem Gharibabad said the proposed route would have ships moving through Iranian waters and exiting through Omani waters. He added that the south corridor, suggested by the U. S. for shipping, would be closed under this plan. Gharibabad stressed that military vessels would be banned from the Strait of Hormuz, leaving it open only for commercial traffic.
The route is a temporary measure, with Iran and Oman expected to discuss a permanent solution within 60 days. Gharibabad warned that if Iran's demands aren't met, the strait could be closed again.
