Ships have stopped moving through the Strait of Hormuz, an intelligence firm said, and oil prices resumed their climb Monday after U.S. President Donald Trump announced on social media that the United States would blockade the waterway.
U.S. Central Command later said the blockade would involve all vessels entering or departing Iranian ports and coastal areas, and that it would still allow ships traveling between non-Iranian ports to transit the strait, a step down from the president’s earlier threat to blockade the entire strait.
Trump confirmed the timing and some details of the CENTCOM statement in a post on his social media site early Monday.
Iran’s Revolutionary Guard said the strait remained under Iran’s “full control” and was open for non-military vessels, but military ones would get a “forceful response,” two semiofficial Iranian news agencies reported.
The moves came after marathon U.S.-Iran ceasefire talks in Pakistan ended without an agreement, setting the stage for a showdown.
Iranian parliament speaker, Mohammad Bagher Qalibaf, who led Iran’s side in the talks, addressed Trump in a statement on his return to Iran: “If you fight, we will fight.”
The war, which is entering its seventh week, has killed thousands of people and shaken global markets.
Here is the latest:
Japan urges de-escalation
Japan has expressed support for the U.S.-Iran talks held in Pakistan over the weekend and that it continues to closely watch further development in hopes of an early de-escalation.
Chief Cabinet Secretary Minoru Kihara told reporters Monday that his government believes that the most important thing is actually to achieve de-escalation, including ensuring the safe passage through the Strait of Hormuz.
“We hope a final agreement will be reached swiftly through diplomatic efforts,” Kihara said.
Kihara, asked if Japan is considering sending Japanese warships to join minesweeping effort in the key waterway, said nothing has been decided.
ASEAN urges more peace negotiations, open Strait of Hormuz
Southeast Asian countries urged the United States and Iran Monday to keep going with peace negotiations, enforce a ceasefire and restore the safe passage of ships, seafarers and aircraft in the Strait of Hormuz.
The foreign ministers of the Association of Southeast Asian Nations made the urgent plea as they held an emergency video conference, the second in recent weeks, to assess the impact of the war in the Middle East, including soaring fuel prices, and how they could cooperate in the face of global crises.
The 11-nation bloc reminded “the obligations of all states to resolve their differences through peaceful means, to respect the sovereignty and territorial integrity of all nations, to protect civilians and civilian infrastructure in armed conflicts.”
It called “for the full and effective implementation of the ceasefire, aimed at preventing further suffering and loss of lives, ensuring maritime security and freedom of navigation and overflight.”
Iran says no port in gulf region will be safe if its ports threatened
Iran threatened ports in the Persian Gulf and the Gulf of Oman after the U.S. announced a blockade on Iran’s ports and coastline.
“Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE,” according to the Islamic Republic of Iran Broadcasting, IRIB. “NO PORT in the region will be safe,” the Iranian military said.
Oil prices start climbing, Asian shares drop
Oil prices started climbing and Asian markets mostly declined Monday as the U.S. military prepared to blockade ships bound for or coming from Iranian ports and transiting the Strait of Hormuz.
On Monday, benchmark U.S. crude jumped $6.71 or nearly 7% to $103.28 a barrel. Brent crude, the international standard, rose $6.20, or 6.5%, to $101.40 a barrel.
Oil prices have been rising as shipping through the strait has essentially stalled since late February. Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times.
Japan’s benchmark Nikkei 225 lost 0.7% to finish at 56,502.77. Australia’s S&P/ASX 200 shed 0.4% to 8,926.00. South Korea’s Kospi dipped 0.9% to 5,808.62. Hong Kong’s Hang Seng slipped 1.1% to 25,613.85, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,988.56.
Iraqi oil exports plummet
Iraq’s oil exports plunged in March to 18.6 million barrels, down from 99.87 million in February due to the closure of the Strait of Hormuz, according to official figures released Monday.
The state-run Organization for Marketing of Oil said revenues also have fallen to just $1.95 billion, down from over $6.81 billion.
The figures showed that exports from the Kurdistan Region through Turkey’s Ceyhan port also dropped to 1.27 million barrels, down from 5.55 million barrels in February.
...