Strait of Hormuz: Agreement or Ultimatum?

The Strait of Hormuz, through which a third of the world's oil passes, is on the brink of explosion due to recent developments. The official reason cited is the 5th article of the US-Iran agreement. However, the real reason is the conflict of interpretations between the parties. Iran has pledged to make its best efforts to clear mines and coordinate with Oman within 30 days. Washington and Gulf countries interpret this as a guarantee of freedom of navigation. Iran, on the other hand, sees it as the transfer of exclusive rights to manage the strait. Iranian Foreign Minister Abbas Arakchi stated, 'The strait is ours, external interference is provocation.' The US, in response, is making a show of force by passing ships around the strait, off the coast of Oman. It is adopting a stance of 'not recognizing Iranian barriers in neutral waters.' The situation is further complicating. The Iranian Revolutionary Guards are forcing tankers back by declaring only the northern route 'approved.' As a result, two attacks were carried out on the Ever Lovely and Kiku tankers, followed by American retaliatory strikes on Iranian coastal targets. Traffic decreased from 70 to 40 ships in three days. Insurance premiums and global supply chains were negatively affected.