Iran has again closed the Strait of Hormuz, a critical global shipping lane for oil and natural gas, and announced new, restrictive transit regulations for vessels. This move, which comes days after signing an interim agreement with the United States to reopen the strait, is a direct response to what Iran perceives as a lack of commitment from the US to uphold its end of the deal, specifically regarding the ongoing Israeli military operations in southern Lebanon. The interim agreement, signed on June 17, aimed to end a two-month conflict and saw a temporary reopening of the strait, causing oil prices to drop by about 7.7% this week, though Brent crude rose slightly by 0.9% to $80 per barrel on June 19.
The interim agreement between the US and Iran included a provision for the cessation of military hostilities in Lebanon and respect for the country's sovereignty. However, fighting has intensified, with Israeli Prime Minister Benjamin Netanyahu vowing to maintain an Israeli presence in southern Lebanon until all threats are eliminated. Hezbollah, backed by Iran, has refused to halt attacks without an Israeli withdrawal. This renewed conflict has led to significant casualties, with 18 people killed in Israeli attacks in Lebanon and four Israeli soldiers, including a battalion commander, also killed. Israeli forces reportedly targeted 80 Hezbollah sites.
Iran's Foreign Ministry spokesperson stated that while negotiators are still heading to Switzerland for talks, little progress is expected unless the US fulfills its obligations to end the aggression in Lebanon. Iran's joint military command has warned of further steps if the aggression continues, emphasizing that the strait will remain closed until the US blockade is lifted, and any approaching vessel will be considered an enemy collaborator. This escalation significantly jeopardizes the broader peace talks and the memorandum of understanding, which aimed to address Iran's nuclear program and ensure regional stability. The new regulations, including requiring explicit state permits and potentially specialized fees for traversing the strait, reflect Iran's assertion of regulatory dominance over the waterway, threatening renewed volatility in global energy markets.
