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Iran holds Hormuz shut on steep U.S. demands as Trump says he is ‘low-keying it’

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World Desk

Energy markets context amid Hormuz disruption
Illustrative markets chart (site media) — oil/energy context for Hormuz closure; not a Strait photo

What we know

A day after Iran’s Supreme National Security Council listed steep conditions for reopening the Strait of Hormuz—ending the U.S. naval blockade, lifting sanctions, unfreezing assets, war reparations, and a permanent end to hostilities—Foreign Minister Abbas Araghchi said Sunday there were no ongoing negotiations with Washington. He also stressed that Iran–Oman talks on maritime routes were a “technical and legal” matter and “do not mean” Hormuz has reopened.

President Donald Trump, in a brief Sunday call with Axios, struck a different tone from recent strike threats, saying the United States was “low-keying it,” only “semi-negotiating,” and watching Iran’s inflation and cash crunch—likening the standoff to a “chess game.” Separately, ISW noted hardline messaging the same day, including a parliamentary deputy’s warning that Iran would attack any country assisting U.S. freedom-of-navigation efforts, as SNSC leadership shifts continued in Tehran.

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