Tehran has denounced the US seizure of an Iran-flagged boxship as ‘armed maritime piracy’, with its military headquarters promising a swift response and signalling tighter control over the Strait of Hormuz

Strait of Hormuz reclosed after Iranian gunboats fired on merchant vessels, halting traffic only hours after a brief reopening and amid Tehran’s claim of ‘strict control’ over the waterway

The price of bunker fuel has pulled back from the peak in March. However, fuel costs are still up around 70% versus prewar levels. This has led to demand destruction and lower sales volumes at key refueling hubs

Vessels wanting to transit the strait must still do so via the routes approved by Tehran, Araghchi said

On Thursday, the US expanded its blockade terms claiming the right to seize Iran-linked vessels anywhere beyond neutral waters. The government also released details of where the blockade line falls 

Facility focused on Strait of Hormuz transits

Jebel Ali, Hamriyah and Sharjah ports: all terminal port operations are normal

Buyers of sanctioned crude oil could be sidelined by Western authorities stepping up shadow fleet seizures and bolstered prices

The new expanded terms of the blockade suggest the US could target vessels carrying Iranian oil globally

Updated guidance gives US Navy sweeping discretion to intercept almost any industrial cargo bound for Iran