Iran Says It Will Control New Hormuz Shipping Corridor
Saudi Aramco's Jizan Refinery Hit Again as Houthi Attacks Escalate Iran said Monday that it is preparing to sign an agreement with Oman establishing anew shipping corridorthrough the Strait of Hormuz under Iranian control, with vessels required to coordinate with Tehran to enter a new restricted maritime zone around the critical oil chokepoint.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said the restricted zone would extend from the U.S.
naval blockade line through Hormuz and into the Persian Gulf.
Ships entering the zone to transit the strait without coordinating with Iran would be placed on Tehran’ssanctions list.
Iran and Oman have been negotiating a temporary corridor for weeks, withearlier proposalsdividing responsibility for traffic between the two; however, the latest proposal says Iran would manage the corridor in coordination with Oman.
Lloyd’s List reported Monday that the International Maritime Organization had not yet received an official proposal.
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forces struck three Iranian oil tankers over the weekend after Iran fired ballistic missiles at two U.S.
warships, pushing the maritime conflict directly into the oil trade.
Iranian forces have also targeted commercial vessels Tehran says were using unauthorized routes, while traffic through Hormuz has fallen to its lowest level since May, according toReuters.
Oil prices have responded accordingly.Brent crudewas trading above $97 per barrel Monday morning, while Goldman Sachs warned that a further expansion of attacks on commercial shipping could push crude as high as $120 per barrel.
Iran continues to insist that Hormuz remains closed and that unrestricted passage will not resume while U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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