Energy Sh*ck Fears Rise As Hormuz Remains Closed, Diplomacy Fails

The Strait of Hormuz remained closed on Sunday as tensions between Iran and the United States continued, with Tehran stressing that a final peace agreement is still far off despite ongoing negotiations.

Iran insisted that the critical shipping corridor would stay shut until Washington lifts its blockade on Iranian ports, raising fresh concerns about global energy supplies.

Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, acknowledged that talks with the US had made some progress but cautioned that major disagreements remain unresolved.

He said negotiations were still far from reaching a final stage, noting that while there had been movement, several key issues and fundamental differences persist.

Ghalibaf, who plays a central role in Tehran’s negotiating team, is involved in efforts to de-escalate the broader conflict involving Iran, the US, and Israel.

Iran had briefly reopened the strait on Friday following a temporary ceasefire linked to Israel’s conflict with Hezbollah in Lebanon. However, the route was shut again after US President Donald Trump maintained that the blockade on Iranian ports would remain until a comprehensive agreement is reached.

Ghalibaf warned that unless the blockade is lifted, access through the strait would continue to be restricted.

The Strait of Hormuz is one of the world’s most important shipping lanes, responsible for transporting roughly a fifth of global oil and liquefied natural gas, making its closure a significant threat to international markets.

President Trump confirmed that diplomatic talks are ongoing but emphasised that the US is maintaining a firm stance. He also accused Iran of attempting to pressure Washington through its actions in the region.

Meanwhile, Iran’s Revolutionary Guards issued a strong warning, stating that any vessel attempting to pass through the strait without approval would be treated as hostile and could be targeted.

Maritime activity in the area has dropped sharply, with only a few oil and gas tankers passing through during a brief reopening before most ships withdrew. By Sunday morning, tracking data indicated that the waterway was nearly empty, signalling a major disruption to shipping.

Rising Security Concerns

Tensions were further highlighted by several security incidents reported on Saturday.

A UK maritime agency said Iranian forces fired at a tanker, while a security firm reported threats against a cruise ship attempting to leave the Gulf.

In another incident, a vessel was struck by an unidentified projectile, causing damage.

India also lodged a formal protest after a shooting incident involving two of its flagged ships, summoning the Iranian ambassador over the matter.

Diplomatic Efforts Continue

Despite the escalating tensions, diplomatic efforts are ongoing, with Egypt and Pakistan playing key mediation roles.

Egypt’s Foreign Minister, Badr Abdelatty, expressed hope that a final agreement could be reached in the coming days.

However, major sticking points remain, particularly over Iran’s stockpile of highly enriched uranium.

While President Trump claimed Iran had agreed to hand over the stockpile, Tehran strongly denied this, insisting such terms were never part of the negotiations.

On Sunday, Iranian President Masoud Pezeshkian defended the country’s stance, questioning US demands and arguing that Iran’s nuclear rights should not be restricted.

A two-week ceasefire currently in place is set to expire on Wednesday, raising fears of renewed conflict if no agreement is reached.

The broader Middle East crisis, which began on February 28 following coordinated US-Israeli strikes on Iran, has since escalated, drawing in multiple actors and heightening geopolitical tensions across the region.