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7h ago

U.S. and Iran Both Claim Control of Strait of Hormuz as Sanctions and Naval Posture Intensify

The standoff is cutting commercial traffic, worsening Iran’s economic crisis and pushing buyers to build routes that avoid the strait.

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U.S. Treasury Secretary Scott Bessent, as reporters raise their hands during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., August 24, 2026. REUTERS/Evelyn Hockstein
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A liquefied petroleum gas (LPG) tanker in front of oil tanks at the SK Innovation Co. Ulsan Complex oil refinery facilities at dawn in Ulsan, South Korea, on Wednesday, June 24, 2026.

Overview

  • On Aug. 28 the White House and U.S. Central Command said American forces had cleared mines, were protecting transits through Hormuz and announced fresh sanctions targeting Iran’s financial networks.
  • Iran’s Islamic Revolutionary Guard Corps and senior officials rejected those claims the same day, declaring the strait closed to ships that do not coordinate with Tehran and ridiculing U.S. territorial assertions.
  • Independent ship‑tracking data show a sharp fall in traffic, with preliminary figures reporting only seven commodity vessels transited on Aug. 27, underscoring how contested statements have not restored normal commercial passage.
  • Washington’s stepped‑up economic campaign, including OFAC designations and measures aimed at banks such as Banque Misr’s UAE operations, is designed to cut Iran off from foreign currency and has coincided with a reported 35% drop in Iran’s foreign trade and soaring inflation.
  • Energy buyers and firms in Asia are fast‑tracking pipelines, port and LNG investments to bypass Hormuz, a shift that could permanently reconfigure regional export routes if those alternatives prove durable.