Washington turned down Tehran's proposal to reopen the Strait of Hormuz in exchange for lifting the naval blockade, and Iran says it has still not received a formal answer.
G2 — Adversary's Veto
54 storiesTehran offered to reopen the strait and resume nuclear talks within a week in return for sanctions steps; Washington refused, and Iran says it will await a formal reply.
Riyadh told the United Nations that the Strait of Hormuz must return to its pre-war status without tolls, while Yemen's government lost control of the Red Sea chokepoint.
The president said he turned down a proposal that would have opened the waterway within a week in exchange for lifting the US naval blockade.
Tehran says the choice now rests with Washington, while one report describes officials discussing a phased deal instead.
Iraq has halted Iranian flights at all four of its airports, and an adviser to Iran's supreme leader has warned that neighbouring countries' aviation could be disrupted in response.
Tehran has given Washington a plan to reopen the Strait of Hormuz within a week of its conditions being accepted, and negotiators are exploring a phased deal.
An adviser to Iran's supreme leader said Tehran could open a new front if the United States or Israel strikes again, and oil rose as hopes of a Strait of Hormuz deal faded.
A bulk carrier was struck near the Strait of Hormuz on Wednesday, killing one crew member, while traffic through the waterway stayed close to nothing.
Tehran has floated conditions for restoring traffic through the chokepoint, and oil fell as American and Iranian officials completed a round of indirect talks at the United Nations.
Tehran has submitted conditions for reopening the strait as commodity traffic through it fell to two vessels in a day.
Tehran has put the world's most important oil chokepoint on the table in exchange for an easing of US military pressure.
Increased Saudi shipments through the strait and the prospect of US-Iran talks pushed crude to its longest run of declines since June.
Secondary sanctions on aviation services take effect on 23 September, aimed at foreign airports, fuel suppliers and banks rather than at Iranian aircraft themselves.
Two agencies counted weekend traffic through the strait differently, and both counts point down while US Central Command describes the opposite trend.
Tehran has published terms for resuming negotiations with Washington and says the strait stays shut until commitments made in June are honoured.
Tehran says the strait stays closed until its conditions are met; CENTCOM says American forces escorted more than a billion barrels of crude in two months.
US Central Command says traffic through the strait is at a six-month high under a naval blockade that has cut Iran's own crude exports to zero.
The kingdom issued its first air raid alerts for the capital since the Houthis escalated, while fighting continued around the Red Sea strait.
The WTO's chief says global trade faces its worst disruption in 80 years as container rates and diesel prices set records.
Two vessels were attacked in the strait on Friday while Central Command said it had redirected 105 commercial ships since the naval blockade began.
Rome is deploying its navy to the southern Red Sea chokepoint after Houthi forces seized most of Yemen's Red Sea coastline in a matter of days.
The IRGC Navy says it hit the tanker Trend for attempting an illegal passage, in a strait where crossings are already down to single digits.
Crude fell for a second day on rerouted Saudi exports and a repair estimate, not on any change to the blockade itself.
Vessel transits through the world's most important oil chokepoint have collapsed even as CENTCOM insists the strait remains open.
The UN Security Council met in emergency session as Yemen's Red Sea coastline changed hands and Saudi Arabia closed its East-West pipeline.
With Hormuz already closed, Qatar says losing the Red Sea chokepoint as well would be catastrophic for the entire world.
Chris Wright told CNBC that the outage on the line bypassing the Strait of Hormuz will be measured in days rather than weeks.
The loss of the main route around the blockaded Strait of Hormuz has pushed crude higher and forced Riyadh back through the waterway it built the pipeline to avoid.
A postponed Gulf meeting, a closed Saudi export line and Houthi gains near the Red Sea chokepoint kept crude and diesel bid through Monday.
A vessel strike in the strait, a postponed ministerial meeting and a closed export line pushed crude to its highest in months.
The capture of Mokha and Mayun leaves two of the world's energy chokepoints in hostile hands and tanker freight repricing.
Gulf diplomats and Iranian officials meet in Oman on a temporary shipping lane through the strait, and the United States is not at the table.
Accounts from several outlets describe a faction that fired on shipping in defiance of Iran's president and its Revolutionary Guard chief.
United States Central Command puts the tally at 100 vessels rerouted over 60 days and says no ship has passed without permission, turning a wartime measure into a standing cost on Gulf trade.
Iranian state media and a British navy-affiliated monitor both report a fresh attack inside the Gulf's main oil chokepoint, with the accounts diverging on timing, casualties and blame.
Ship traffic through the southern Red Sea strait has halved, and the pipeline built to route Saudi crude around Hormuz is now offline.
The East-West line was the kingdom's main workaround for a blocked Strait of Hormuz, and it is now offline after drones launched from Iraq set it alight.
Protection through the strait is now available only at set times, and transits have fallen to single digits.
The first sign of diplomacy over the world's most important oil chokepoint moved crude further than any macro release this week.
Vessel transits through the Strait of Hormuz dropped to seven in a day, even as Washington says it has loosened Iran's grip on the waterway.
Iran-backed Houthi fighters have captured the island that divides the Bab el-Mandeb strait into its two shipping lanes, completing their hold on Yemen's Red Sea coast.
Iran-aligned forces took the Red Sea port city and are advancing south, bringing a second maritime chokepoint into play alongside Hormuz.
The Revolutionary Guard says it hit the Al-Azraq base used by US forces in Jordan, while US Central Command rejects a separate Iranian claim about two Navy destroyers.
The biggest wave of attacks on Gulf shipping since the war began came with an expanded blockade area and disputed claims about what was hit.
Crude returned to triple digits after US forces destroyed five Iranian tankers and Iran struck back at shipping and at a base in Jordan.
Missile and drone attacks on Aramco facilities put the main bypass route for a blocked Strait of Hormuz under direct pressure.
Transits through the Strait of Hormuz have fallen to their lowest level since May while Houthi attacks on Saudi energy sites push oil toward $100.
Abu Dhabi says its energy exports will not be held hostage by the Iran war and is constructing alternative trade and energy corridors.
Iran's Supreme National Security Council says a restricted zone outside the Strait of Hormuz will be declared within days, after American strikes on three Iranian vessels.
Shipping data show the fewest daily transits of the Strait of Hormuz since May, while Gulf exporters build alternative routes and US consumers absorb a rising fuel cost.
Washington and Tehran attacked each other's vessels over the weekend, and Iran says it will declare a restricted maritime zone around the Strait of Hormuz within days.
Indian refiners filled the gap on the eastern route into Europe as Russian and US flows fell away.
CENTCOM destroyed one tanker and disabled two others after Iranian missiles were fired at two US warships.