Overview
- Following Tuesday’s reports of his directive, President Trump is preparing an extended naval blockade that he views as less risky than renewed bombing or a withdrawal.
- Tehran, using Pakistan as a go-between, proposed easing its chokehold on the Strait of Hormuz if Washington lifts the port blockade and postpones nuclear talks, but U.S. officials reviewed the plan with skepticism over any Iranian control.
- Gulf leaders meeting in Jeddah on Tuesday condemned Iran’s closure of the waterway, backed free navigation, and Oman rejected an Iranian idea to split control or charge tolls on passing ships.
- The United Arab Emirates said it will leave OPEC, highlighting Gulf rifts as producers face war-driven shipping risks through Hormuz and long-running disputes over output limits.
- Brent crude rose to about $111 a barrel as the standoff dragged on, and the U.S. Treasury said sanctions and the blockade are cutting Iran’s oil revenues and could force production cuts costing the country hundreds of millions of dollars per day.