Strait of Hormuz Conflict Continues Amid Attacks and Economic Pressures

1:45 AM ETConfirmed

World Desk

In Short: The conflict around the Strait of Hormuz continues with attacks on vessels and economic pressures, as Iran and the US negotiate reopening the waterway.

Foreign Policy reports that the Strait of Hormuz remains a critical battleground, with recent attacks on vessels and ongoing economic pressures.

The city of Bandar Abbas, Iran’s main port city and gateway to the Strait of Hormuz, handles up to 90 percent of Iran’s container shipping and more than half of the country’s maritime trade.

Iran’s proposal to reopen the Strait of Hormuz within seven days remains on the table, following the collapse of an interim ceasefire in mid-September.

However, the U.S. Remains in a strong position, controlling the Strait of Hormuz and maintaining an economic blockade on Iran.

Reuters reported on October 8 that prices were rising amid an increase in attacks on vessels in the Persian Gulf and the Strait of Hormuz.

US President Donald Trump accused Iran of trying to drive up global oil prices ahead of the U.S. Midterm elections, alleging that Tehran was fabricating reports of attacks and maritime threats in the Strait of Hormuz.

Three tankers were reportedly hit in the Strait of Hormuz by unknown projectiles on Wednesday, shortly after Iran received the U.S.'s counterproposal on a ceasefire and a framework towards the end of the war.

Both Iran’s and Oman’s territorial waters border the Strait of Hormuz, through which about 20 percent of global oil consumption is normally shipped.

Saudi Arabia has sold as many as 20 million barrels of crude on the spot market this week for loading this month and next, with buyers expected to receive barrels through ship-to-ship transfers outside Hormuz.

What this adds

South Korea is considering sending a maritime patrol aircraft to the Strait of Hormuz to protect its shipping interests, but has ruled out any combat deployment, according to National Security Adviser Wi Sung-lac.

Background

What's confirmed

Iranian Foreign Minister Abbas Araghchi said recently that Tehran’s proposal to reopen the Strait of Hormuz within seven days remained on the table—an offer that Iran submitted in mid-September, following the collapse of an interim cease-fire.

What's still developing

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US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.
NEW YORK: Iran has offered the United States a deal under which the Strait of Hormuz could be reopened and normal maritime traffic restored within seven days if certain conditions are met, Iranian Foreign Minister Abbas Araghchi has said.
However, a US official told the BBC that Washington was “in a very strong position with control of the Strait of Hormuz” and was therefore “not in a rush.” The MOU signed by Iran and the US on June 18 was intended to establish a ceasefire and facilitate the partial reopening of the Strait of Hormuz.
Iran’s foreign minister says negotiations with Oman on the Strait of Hormuz are entering their “final stages”, as Tehran insists the vital waterway will never return to its pre-war status.
The U.S. naval blockade has sent Iran’s oil exports to virtually zero, while its Persian Gulf neighbors have boosted their own shipments under the protection of the U.S. military, which is eroding Tehran’s control over the Strait of Hormuz.

Sources

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WarpBeat — background on South Korea Considers Maritime Patrol for Strait of Hormuz link
WarpBeat — background on South Korea Considers Maritime Patrol Aircraft for Strait of Hormuz Deployment link