Iran Refuses to Budge on Strait of Hormuz Amid Rising Tensions

The conflict between Iran and the United States has reached a stalemate, with Tehran refusing to compromise on its control of the Strait of Hormuz. Deputy Foreign Minister Kazem Gharibabadi declared that the waterway would remain under Iranian command until Washington accepts 'the reality of defeat', as President Donald Trump urged Americans to tolerate elevated gasoline prices.

The average U.S. price for a gallon of gasoline has risen 29% from last year, standing at approximately $4.08 on Friday. The financial pain is already visible at American pumps, with crude oil futures reflecting the market's unease - Brent crude is up 6.0% and West Texas Intermediate is up 5.4%, both rising about $1 a barrel on Friday.

Only two vessels transited the Strait of Hormuz on Friday, with no crude oil shipments visible, according to ship-tracking data from Kpler. The United Arab Emirates accused Iran of attacking a third vessel operated by Abu Dhabi National Oil Company (ADNOC) transiting the strait on Friday.