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US threatens Oman sanctions
The United States warned it would “aggressively” impose sanctions on Oman if it helps Iran establish a tolling system in the Strait of Hormuz, intensifying President Donald Trump’s threats against the Gulf ally.
“The United States has warned that it would “aggressively” impose sanctions on Oman if it helps Iran establish a tolling system in the Strait of Hormuz, intensifying President Donald Trump’s threats against the Gulf ally”
US Treasury Secretary Scott Bessent said Washington will “not tolerate” either country imposing fees on commercial ships in the strategic waterway, adding that “Oman, in particular, should know that the US Treasury will aggressively target any actors involved — directly or indirectly — in facilitating tolls for the Strait.”
The statement came less than 24 hours after Trump threatened to bomb Oman, and Bessent told reporters later on Thursday that Trump “wanted to punctuate freedom of navigation in the strait”.
Iran’s deputy secretary of Iran’s Supreme National Security Council, Ali Bagheri Kani, said on Thursday that Tehran will not allow Hormuz to be a source of insecurity for the country, quoting him on Iran’s public television: “The powers that have used this passage against Iran’s security must be held accountable.”
Ceasefire talks and control
CNBC reported that U.S. and Iranian negotiators reached a 60-day memorandum of understanding to extend the ceasefire and start negotiations over Iran's nuclear program, while President Donald Trump still has to approve the deal.
CNBC said oil prices turned lower Thursday as the extension awaited Trump approval, with Brent crude futures falling 58 cents to close at $93.71 per barrel and U.S. West Texas Intermediate futures adding 22 cents to $88.90 per barrel.
The same CNBC report described the Revolutionary Guard saying it targeted a U.S. air base at around 4:50 a.m. local time, and said U.S. Central Command subsequently said Iran launched ballistic missiles toward Kuwait that were successfully intercepted.
Amos Hochstein, a senior energy advisor to former President Joe Biden, told CNBC’s “Squawk Box” that “No matter what happens, the Iranians will control the Strait of Hormuz for the foreseeable future, it doesn't even matter what the deal says.”
Shipping choke point stakes
Marine News Magazine said the longstanding assumption of the continued openness of the Strait of Hormuz collapsed on February 28, 2026, and described weeks since Iran effectively shut the strait to commercial shipping in response to U.S. and Israeli military strikes.
It said the Strait of Hormuz is a narrow waterway “a little under 18 nautical miles wide at its narrowest point,” and that before the current crisis roughly 25 percent of the world's seaborne crude oil trade and roughly 20 percent of global liquefied natural gas (LNG) transited the passage daily.
The article added that the IRGC confirmed the formal closure on March 2, 2026, and described Iran charging vessels tolls exceeding $1 million per ship for limited passage through Iranian-controlled corridors.
Finance & Commerce quoted Dallas Federal Reserve President Lorie Logan warning that “With supplies highly constrained, if shipping through the strait does not soon return to prewar levels, world oil and natural gas consumption could need to fall more meaningfully than it has so far.”
