Market News

The Strait of Hormuz will only reopen to those who comply with Iran’s new laws, Tehran has said.

Ebrahim Azizi, the head of the Iranian parliament’s national security committee, said the passage would “certainly reopen” but not to the United States.

The Islamic Revolutionary Guard Corps (IRGC) has effectively shut the strait, which serves as a conduit for a fifth of the world’s oil, since the start of the war in the Middle East on Feb 28.

Only vessels from nations “friendly” to the regime and certain ships which have been charged a £1.5m fee by the IRGC have been allowed to pass through the shipping lane.

Posting on X on Wednesday, Mr Azizi wrote: “Trump has finally achieved his dream of ‘regime change’ – but in the region’s maritime regime!

“The Strait of Hormuz will certainly reopen, but not for you; it will be open for those who comply with the new laws of Iran. The 47 years of hospitality are over forever.”

Meanwhile, the United Arab Emirates (UAE) is understood to be preparing to join the US in a military operation to reopen the strait, according to Emirati officials, who spoke to the Wall Street Journal.

Diplomats in Abu Dhabi said the country was actively reviewing how it could play a role in the campaign to secure the key trading passage, the newspaper reported.

A UAE official told The Telegraph that suggestions of a shift in the country’s position on the war were “misleading”, but it was ready to “support collective international efforts” to reopen the strait.

The official said: “The UAE maintains a defensive posture focused on protecting its sovereignty, its people, and its infrastructure, and reserves its right to self-defence in response to ongoing unlawful and unprovoked attacks.”

The US released more footage of American forces attacking Iran overnight.