Iran closes Strait of Hormuz again, casting shadow over US nuclear talks in Switzerland
Iran's Revolutionary Guards announced the closure of the Strait of Hormuz to all shipping ahead of weekend US-Iran technical talks in Switzerland, CNBC reported. Crude oil prices jumped and the dollar slipped as traders priced in supply risk. US military officials said the strait remained open to commercial transit.
Iran's Revolutionary Guards declared the Strait of Hormuz closed to all shipping just as US-Iran technical talks brokered by Pakistan were scheduled to convene in Switzerland over the weekend. The move revived supply concerns over a chokepoint that handles roughly one-fifth of seaborne crude.
Brent crude futures climbed more than 3 percent on the announcement and the dollar index slipped, according to CNBC. Supply-chain executives told the network they were rerouting cargoes to alternative storage hubs in Singapore and Gibraltar. US Central Command said the strait remained effectively open to commercial transit and that Revolutionary Guard rhetoric had not been enforced on the water.
US Vice President JD Vance said Washington still intended to attend Sunday's technical session, while noting that any sanctions relief would be contingent on Tehran's commitments over freedom of navigation. Iran confirmed its negotiating team had departed for Switzerland.
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