U.S., Iran stall on Hormuz reopening as oil supplies tighten | Fortune
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U.S., Iran stall on Hormuz reopening as oil supplies tighten | Fortune
"“Naturally, once the current state of insecurity is resolved, navigation conditions in the Strait of Hormuz will return to normal,” Iranian President Masoud Pezeshkian was cited as saying by the semi-official Mehr news agency."
"Iran will implement effective and professional monitoring and control mechanisms in the Strait of Hormuz within the framework of international law, Pezeshkian said without elaborating. He added Iran remains committed to a diplomatic resolution to the conflict."
"Chinese Foreign Minister Wang Yi said Friday that the strait should be opened to shipping as soon as possible, according to state-run Xinhua News Agency. In response to Iran's disruption of shipping movements, the US imposed a blockade on the Islamic Republic's oil exports, in an effort to sever its economic lifeline and persuade its officials to agree to US terms for a peace deal."
"President Donald Trump returned from a two-day summit with Iran's close ally, China's Xi Jinping, where both agreed the strait should be open but made no apparent progress toward that goal. Iran has shown little interest in loosening its hold on the waterway, insisting it wants to maintain a degree of control even after the end of the war."
Iran says transit through the Strait of Hormuz will return to normal once insecurity tied to conflict with the US and Israel is resolved. Iran also says it will use monitoring and control mechanisms in the strait under international law and remains committed to a diplomatic resolution. Shipping disruption in the Persian Gulf has nearly halted oil exports from the region, driving energy prices higher and giving Iran leverage in talks. After meetings between Donald Trump and China’s Xi Jinping, both sides said the strait should be open to shipping, but no progress toward resolving differences was evident. The US imposed a blockade on Iran’s oil exports to pressure Iran toward US terms for a peace deal.
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