The 10 consecutive nights of U.S. airstrikes haven't compelled Tehran to loosen its grip on the strait, through which about a fifth of all crude oil and natural gas traded once passed in peacetime.
Even as the U.S. and Iran inch closer to all-out war again, Iran’s interior minister traveled to Pakistan, a key mediator in the conflict, for talks. However, it remains unclear just what new deal could be reached to end the fighting.
The interim deal signed last month that was meant to end the fighting has crumbled. Shipping through the Strait of Hormuz has largely stalled. And as fighting intensifies, both sides have targeted civilian infrastructure relied on by millions of people.
“Iran and groups supportive of Iran may target other U.S. interests overseas or at locations associated with the United States and Americans throughout the world,” the U.S. State Department said in a new warning to Americans.
The escalation has pushed oil prices higher in recent weeks. Benchmark Brent crude traded Tuesday above $88 a barrel and regular gasoline in the U.S. climbed to an average of $4 a gallon, keeping pressure on Americans’ wallets ahead of midterm elections this fall.
