Iran Keeps Strait of Hormuz Closed as Global Oil Price Crisis Deepens

The Strait of Hormuz remains closed as Iran vows to keep it shut until the US meets its demands. The Islamic Republic's parliament speaker, Mohammad Baqer Qalibaf, stated that 'the period of dragging out the process and dictating one-sided demands is over.'

The country has set seven conditions for reopening the strait, as outlined in an agreement with the US in June.

Iran's Foreign Minister Abbas Araghchi emphasized that there is 'no military solution' to the conflict, and warned that if their enemies choose this path, Iran will respond 'with even more force.'

The closure of the Strait has led to a global oil price crisis, with shortages causing diesel prices in the UK to rise above £2 for the first time last week.

In an effort to curb rising costs and under pressure from US President Donald Trump, G7 leaders agreed to release 100 million barrels of diesel and crude oil from their emergency reserves on Friday.