Hormuz

Although 14 to 15 million barrels of oil passed through Hormuz per day before the war, an expert told the Post that it was entirely possible to manage without much of that supply.

Saudi Arabia, like many countries in the region, has had its economy severely impacted by the war. The Saudi Finance Ministry is considering offering a cheaper insurance option to revive shipping.

Despite the apparent success of the US’s blockade and sanctions campaign, Iranian officials have repeatedly expressed that they would not falter in maintaining control over the Strait of Hormuz.

"Under President Trump, the Treasury Department will continue to cut off every economic lifeline sustaining this regime, until Tehran is left completely alone," Treasury Secretary Scott Bessent said.

"We will avoid our chartered vessels dealing in STS or anything to do with non-compliant ships for Middle Eastern cargoes," said one of the sources, who works at an Indian refinery.

Airpower temporarily shattered Iran’s arsenal, but the Hormuz Strait proved a harsher truth: the real fight is over the narrow corridor where even a weaker force can bend global power to its will

Under Articles 38 and 44 of UNCLOS, Iran cannot suspend, impede, or charge tolls for vessels passing through the Strait of Hormuz.

When asked whether he was working to extend the Memorandum of Understanding (MoU), Trump declined to answer and shook his head no.

Araghchi concluded by saying that "those who tried to impose unconditional surrender on Iran begged for negotiations shortly after the war began."

Later on Monday, Trump told reporters that Iran won't make the deal he thinks is needed, and that Washington will not extend the MoU.