Iran Threatens to Keep Strait of Hormuz Closed Indefinitely Unless US Meets Key Demands

Iran's top negotiator, Mohammad Bagher Ghalibaf, has warned that the Strait of Hormuz will remain closed to all shipping until the US agrees to its key demands, including the lifting of an ongoing blockade of its ports and oil sanctions. The warning came hours after a previously agreed-to 60-day deadline to end the conflict and strike a peace deal expired.

Ghalibaf, who is one of Iran's most powerful civilian leaders, accused the US of reneging on key terms agreed to in the Memorandum of Understanding signed between the two countries. He claimed that the US had accepted the interim peace deal 'out of desperation' and suggested that Iran should prepare for a potential resumption of the military conflict.

The threat comes as tensions in the region continue to escalate, with the British military's UK Maritime Trade Operations center flagging an attack on a vessel in the Strait of Hormuz. The incident caused damage to the ship's engine room and resulted in a crew casualty. Despite the Trump administration's insistence that the Strait of Hormuz was open for shipping and oil was transiting through the critical waterway, Tuesday's incident is the latest in a series of recent attacks.

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The closure of the Strait of Hormuz would have significant implications for global energy markets, with the global benchmark Brent crude futures index rising to around $90.78 per barrel on Tuesday. This is the first time the $90 mark has been breached in August, and the cost of gasoline at the pump remains elevated due to high oil prices.

The US and Iran have been engaged in a standoff over the Strait of Hormuz since the Trump administration reimposed sanctions on Iranian oil exports in 2018. The sanctions have had a significant impact on Iran's economy, which has led to widespread protests and unrest in the country. With tensions in the region continuing to escalate, it remains to be seen whether the US and Iran can reach a deal that would lift the blockade and sanctions.