Tehran warns it will target warships attempting to establish a new shipping lane in the critical oil chokepoint.
Iran has rejected any attempt to open a second corridor in the Strait of Hormuz, a key global oil transit route. An advisor to the Supreme Leader stated the country will not permit the move and will target military forces deployed for that purpose.
The Strait of Hormuz handles about one-fifth of global oil shipments, making it a strategic chokepoint. Previous tensions in the region have triggered volatility in crude prices, though recent geopolitical risks have not yet disrupted flows.
West Texas Intermediate crude edged lower by 0.03% to $80.50 amid the latest developments, reflecting cautious market sentiment.