Summary

Iran has announced the formation of a new body to manage the Strait of Hormuz amid deadlocked peace talks with the United States and a stand-off over the shipping route that is vital for global oil trade. Iran's Supreme National Security Council (NSC) posted on X about the creation of the Persian Gulf Strait Authority (PGSA), in a signal that Tehran is looking to formalize its grip on the critical waterway it has blockaded. "In the Name of God. The official X account of the Persian Gulf Strait Authority is now live,” Monday’s post said, according to a translation, “follow us for real-time updates on Hormuz Strait operations and latest developments." Iran's Revolutionary Guards Navy shared the same post on social media. It is not immediately clear what this new body would do, but it has been reported that ships passing through the waterway are being sent regulations from the PGSA email address. The announcement follows a statement made Saturday by Iranian parliament's National Security Committee chair Ebrahim Azizi that Tehran had set up a system to manage traffic through the strait which would be soon unveiled. Before the start of the war on February 28, one-fifth of the world’s traded oil and natural gas transited through the strait, which has in effect been held hostage by Tehran, spiking global energy prices with knock-on effects for the global economy. While President Donald Trump has repeatedly said that there would be a deal to unblock the strait and end the war, Tehran has insisted that maritime traffic through the strait would not return to its pre-war status. Monday’s announcement about a formal body controlling the waterway appears to chime with that stated ambition. According to AFP, earlier this month, Iran's state-run outlet Press TV had described the body as "a system to exercise sovereignty over the waterway." The Institute for the Study of War (ISW) said in analysis released Saturday that Tehran was introducing a toll system under the guise of maritime insurance policies as part of its push to tighten its grip over the strait. The insurance would insure vessels against Iranian attacks as part of a measure by Iran’s Economy Ministry to force payments from shipping companies, according to a document viewed by state media outlet Fars, cited by the Washington, DC think tank. The IRGC Navy is allowing passage of vessels from East Asian countries such as China, Japan, and Pakistan, and negotiations were underway with unnamed European actors for passage, according to Iranian state media. This is a breaking news story. Updates to follow.