maritime blockade

Economists warn that continued US-Iran conflict, including missile strikes and a new maritime blockade, could push oil prices above US$100 a barrel. This could increase the likelihood of a fourth Australian interest rate rise this year if the conflict remains unresolved within a week.

The US launched its third consecutive night of strikes on Iran after President Donald Trump announced the reinstatement of a maritime blockade on the country and a policy reversal to charge ships for safe passage through the Strait of Hormuz. The US military stated the strikes aim to degrade Iran's ability to attack civilians and commercial shipping in the strait.

The U.S. military will enforce a maritime blockade on Iran starting July 14, covering all Iranian ports, oil terminals, and coastal areas. The blockade applies to all vessel traffic regardless of flag and begins at 2000 GMT, as announced by the U.S. Navy-led Joint Maritime Information Center.

The U.S. military will enforce a maritime blockade on Iran starting July 14 at 4 p.m. Eastern Standard Time, covering all Iranian ports, oil terminals, and coastal areas. Unauthorized vessels may be intercepted, diverted, or captured, though neutral transit through the Strait of Hormuz to non-Iranian destinations will remain unimpeded.

Iranian Foreign Minister Abbas Araghchi stated that Iran requires the dilution of its highly enriched uranium within its own borders as a condition for a final US deal. He noted that enrichment-related issues will be addressed in a later phase and emphasized that Iran will not proceed to permanent peace talks until an interim agreement's provisions, including the lifting of a US maritime blockade and cessation of hostilities, are fulfilled.

A U.S. fighter jet fired a Hellfire missile to disable the Botswana-flagged oil tanker M/T Lexie, which was en route to Iran’s Kharg Island and did not comply with U.S.-naval blockade directives. U.S. Central Command stated the action followed repeated warnings to the vessel.

Two U.S. congressmen, Eric Swalwell and Tony Gonzales, have resigned from their congressional positions. The U.S. maintains a maritime blockade of Iranian ports, marking the second consecutive day of the action.