- European oil prices reached a record high, nearing $150 a barrel, following threats from the US to blockade Iranian ports in the Strait of Hormuz.
- The US Central Command initially announced a closure of access to all Iranian ports from Monday, though movement for non-Iranian vessels transiting the Strait would be permitted.
- Iran's armed forces spokesperson, Ebrahim Zolfagheri, condemned the US restrictions as "illegal" and an act of "piracy".
- Donald Trump had threatened a blockade, but the US later retracted, stating it would "not impede" movement through the waterway, while Iran's Revolutionary Guard warned against military vessels approaching.
- The escalation comes after Islamabad negotiations collapsed over the weekend, reportedly due to disagreements concerning the Strait of Hormuz and Iran's nuclear programme.
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