Iran's new shipping agency in the Strait of Hormuz escalates control concerns. Tehran has established a government body to vet and tax vessels transiting the critical waterway, raising fresh worries about international commerce. Hundreds of commercial ships remain bottled up in the Persian Gulf unable to reach open seas. However, markets found some relief as Iran reviews U.S. peace proposals through Pakistani mediation, with negotiations potentially accelerating toward a deal. The Trump administration suspended military efforts to forcibly reopen the strait, prioritizing diplomatic resolution. Saudi Arabia refuses to back forced reopening. Oil and natural gas shipments remain disrupted since the February conflict began, creating supply chain uncertainty.
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