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Iran Seizes Strait, US Blockade Holds, Oil Tops $120

5/2/2026

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Summary

Story summary

Ayatollah Khamenei said United States (U.S.) has no place in Gulf and vowed to keep control of Strait of Hormuz.
Iran announced legal frameworks and a fee regime for ships in the Strait of Hormuz.
Oil rose above $120 as traffic in the Strait fell to three ships per day.
U.S. President Donald Trump said United States will keep blockade of Iranian ports until a deal is reached.

History

Historical Context

In July 1987 the United States launched Operation Earnest Will, escorting re-flagged Kuwaiti tankers through the Strait of Hormuz with a convoy of four frigates, three cruisers and a destroyer after UN Resolution 598. Iranian mines damaged the 414,266-ton tanker Bridgeton, prompting expanded U.S. naval patrols. Today Iran’s Ayatollah Khamenei and President Trump echo the 1987 standoff over Hormuz’s shipping lane.

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Story summary

Ayatollah Khamenei said United States (U.S.) has no place in Gulf and vowed to keep control of Strait of Hormuz.
Iran announced legal frameworks and a fee regime for ships in the Strait of Hormuz.
Oil rose above $120 as traffic in the Strait fell to three ships per day.
U.S. President Donald Trump said United States will keep blockade of Iranian ports until a deal is reached.

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