US, Iran stall on Hormuz reopening as oil supplies tighten
The reopening of the Strait of Hormuz remains stalled as Iran maintains its control over the critical waterway. Despite discussions between the US and China advocating for the strait's opening, tensions persist, leading to significant disruptions in oil exports and soaring prices. Both nations have agreed to postpone talks on Iran's uranium enrichment, complicating the path to a diplomatic resolution.
- ▪Iran insists on maintaining control over the Strait of Hormuz, impacting oil exports.
- ▪Brent crude prices have surged by 50% since the onset of the conflict.
- ▪US sanctions on Iran's oil exports are in place, while discussions with China about lifting penalties are ongoing.
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US, Iran stall on Hormuz reopening as oil supplies tightenSign up now: Get ST's newsletters delivered to your inboxIran has shown little interest in loosening its hold on the Strait of Hormuz, insisting it wants to maintain a degree of control even after the end of the war.PHOTO: REUTERSPublished May 17, 2026, 07:00 AMUpdated May 17, 2026, 07:00 AMSummariseIran insists it will monitor the Strait of Hormuz, disrupting oil exports and causing Brent crude prices to jump 50% since the war.US and China agree on opening the Strait, but progress is stalled.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Straits Times — World.