Trump Claims Control Over Key Shipping Route Amid Escalating Tensions With Iran
US President Donald Trump has claimed that Washington now holds 'almost total control' of the Strait of Hormuz, dismissing reports of negotiations with Iran. Writing on Truth Social on September 1, he stated he had 'zero interest' in forcing Tehran back to the negotiating table, saying the Iranian economy was collapsing.
Trump asked when the Iranian people would rise up and fight against their government, following a fresh wave of American strikes on Islamic Revolutionary Guard Corps (IRGC) targets across Iran. The US Central Command said the operation answered attempted attacks on commercial shipping in the strait and on American personnel in the region.
The Treasury's Financial Crimes Enforcement Network proposed cutting the Emirati branches of Egypt's Banque Misr off from their US correspondent accounts, as part of Operation Economic Outcast launched on August 24. The campaign aims to economically 'asphyxiate' Iran, with Treasury secretary Scott Bessent stating 'we have zero tolerance'. Another bank sanction is likely within days and a further one the week after.
The European Union remains concerned about the strait, which carried around 8.5% of the bloc's liquefied natural gas and 7% of its crude oil and petroleum products before the war. Brent crude for November delivery rose more than 2% to $96.59 (€83) a barrel on September 2.