Home News< meta itemprop= 19459018 material = > World 19659011 Tehran’s closure of essential oil chokepoint after US-Israel war sets off worldwide financial issues By Reuters Upgraded – May 28, 2026 at 09:41 AM. | WASHINGTON 19659015 Vessels in the Strait of Hormuz, Musandam, Oman, May 8, 2026. REUTERS/Stringer|Image Credit: Reuters 19659017 The United States has actually approved the Persian Gulf Strait Authority, the body Iran has actually established to handle the Strait of Hormuz, the Treasury Department stated on Wednesday. 19659018 The authority is a body Iran has actually established to handle ask for passage through the Strait of Hormuz. 19659019 Tehran’s grip on the strait, the channel for about a fifth of the worldwide oil supply, has actually sent out the world economy into chaos. It closed the strait after the United States and Israel introduced their war versus Iran on February 28. Anybody working together with the authority might be offering assistance to and getting services from Iran’s Islamic Revolutionary Guard Corps and might be approved, the Treasury stated in a declaration. 19659022 “The Iranian armed force’s most current effort to obtain international maritime trade is evidence that Economic Fury has actually left the program desperate for money,” Treasury Secretary Scott Bessent stated. The Persian Gulf Strait Authority released a map recently declaring Tehran’s claims to a large stretch of water on either side of the choke point. 19659024 Released on May 28, 2026 19659025 THIS ADVERTISEMENT SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. 19459070 THIS ADVERTISEMENT SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.
By Reuters Upgraded – May 28, 2026 at 09:41 AM. | WASHINGTON 19659015 Vessels in the Strait of Hormuz, Musandam, Oman, May 8, 2026. REUTERS/Stringer|Image Credit: Reuters 19659017 The United States has actually approved the Persian Gulf Strait Authority, the body Iran has actually established to handle the Strait of Hormuz, the Treasury Department stated on Wednesday. 19659018 The authority is a body Iran has actually established to handle ask for passage through the Strait of Hormuz. 19659019 Tehran’s grip on the strait, the channel for about a fifth of the worldwide oil supply, has actually sent out the world economy into chaos. It closed the strait after the United States and Israel introduced their war versus Iran on February 28. Anybody working together with the authority might be offering assistance to and getting services from Iran’s Islamic Revolutionary Guard Corps and might be approved, the Treasury stated in a declaration. 19659022 “The Iranian armed force’s most current effort to obtain international maritime trade is evidence that Economic Fury has actually left the program desperate for money,” Treasury Secretary Scott Bessent stated. The Persian Gulf Strait Authority released a map recently declaring Tehran’s claims to a large stretch of water on either side of the choke point. 19659024 Released on May 28, 2026 19659025 THIS ADVERTISEMENT SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. 19459070 THIS ADVERTISEMENT SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.
