Iran’s grip on the Strait of Hormuz has jolted the world economy, causing a spike in fuel prices that has rippled through other sectors with effects far beyond the Middle East. It has also left tens of thousands of mariners and hundreds of ships stranded in the Persian Gulf.

Iran has created a government agency to vet and tax vessels seeking passage through the crucial Strait of Hormuz, a shipping data company reported Thursday, as Tehran said it was reviewing the latest U.

Iran says the Strait of Hormuz is fully open to commercial vessels. But President Donald Trump says the American blockade on Iranian ships and ports will stay in force until Tehran reaches a deal with the U.

China’s top diplomat also warned against the restarting of hostilities as he met with Iran’s foreign minister. The U.S. has urged China to pressure Iran to reopen the waterway.

Iran said it was reviewing the latest American proposals to end the war after U.S. President Donald Trump threatened the country with a new wave of bombing unless a deal is reached that includes reopening the crucial Strait of Hormuz to international shipping.

Ships in the Strait of Hormuz might be the only things that aren’t moving

By Siddharth Cavale NEW YORK, May 7 (Reuters) - Oil prices turned positive in volatile trade on Thursday after a report said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan.

Hamas condemned Israel's ongoing attacks on Gaza, labeling them a “blatant violation” of the ceasefire and part of a “war of extermination.”