U.S. gives Iran deadline to renounce Strait of Hormuz attacks

The Trump administration gave Iran until Saturday to publicly acknowledge that the Strait of Hormuz is open and stop firing on commercial ships, a demand that could hit Americans through higher gasoline prices, more expensive shipping and a deeper risk of military escalation. The message was delivered directly and through regional mediators.

The Strait of Hormuz carries about 20 million barrels per day of crude oil and oil products, according to the International Energy Agency, roughly 20% of global petroleum liquids consumption, according to the U.S. Energy Information Administration. At its narrowest point, the strait is only 29 nautical miles wide, with 2-mile-wide shipping channels and a 2-mile buffer zone, leaving tankers exposed to disruption on both sides of the waterway.

The war in the Middle East produced the largest supply disruption in the history of the global oil market, with flows through Hormuz falling from about 20 million barrels per day before the conflict to a near standstill, according to the International Energy Agency. Gulf countries cut oil production by at least 10 million barrels per day when storage filled and tanker traffic stalled, and the International Energy Agency later put cumulative supply losses at more than 1 billion barrels. Brent crude climbed from $69 a barrel on June 12 to $74 on June 13 as tensions intensified, according to the U.S. Energy Information Administration.

Donald Trump said Friday that the ceasefire between Iran and the United States was over, while leaving open the possibility of continuing talks if Tehran issued the requested public statement. At the same time, the United States imposed new Iran-related sanctions after the latest attacks on international shipping, and Tammy Bruce told the United Nations Security Council that the door to diplomacy remained open. The administration says Iran violated a memorandum of understanding it signed with Washington.