Iran Takes Control of Hormuz Shipping Corridor

Iran has announced plans to establish a new shipping corridor through the Strait of Hormuz under its control. The restricted zone will extend from the US naval blockade line through Hormuz and into the Persian Gulf, and ships entering the zone without coordinating with Iran will be placed on Tehran's sanctions list.

The move is part of ongoing negotiations between Iran and Oman, which have been discussing a temporary corridor for weeks. Earlier proposals divided responsibility for traffic between the two countries, but the latest proposal gives Iran management control in coordination with Oman.

Oil prices have responded to the escalating tensions, with Brent crude trading above $97 per barrel on Monday morning. Goldman Sachs warned that further expansion of attacks on commercial shipping could push crude as high as $120 per barrel.