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Iran is signaling that the Strait of Hormuz isn’t totally closed and that it wields the power to choose who may pass, as the U.S. military has yet to re-establish free navigation through the narrow waterway.
Oil prices have soared as Iran’s attacks on shipping in the Persian Gulf have created a de facto blockade over the strait, through which one-fifth of the world’s oil and liquid natural gas flow, with Wall Street warning crude could even hit $150 a barrel in a prolonged conflict.
On Sunday evening, U.S. crude prices rose 2.2% to $100.83 a barrel, and Brent futures jumped 2.7% to $105.96.
But Iranian Foreign Minister Abbas Araghchi said Sunday that vessels from different countries have already been allowed to transit the strait and that a number of governments have approached Tehran about securing safe passage for their ships.
“I cannot mention any country in particular,” he told on CBS News. “And this is up to our military to decide.”
Reports have indicated that Iran is getting its oil shipments out to top customer China, while hundreds of tankers carrying supplies from other countries remain bottled up in the Gulf.
That keeps critical revenue rolling into Iran. By contrast...
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