US reimposes naval blockade on Iran's ports, escalating conflict and economic pressure

The United States has reinforced its naval blockade on Iran's southern ports amid renewed military confrontation over the Strait of Hormuz. The blockade was first imposed in mid-April and lasted over nine weeks before being lifted in June under a Memorandum of Understanding (MoU) that reopened the strait. After recent tit-for-tat strikes, Washington rescinded oil and banking waivers issued under the MoU and prevented vessels linked to Iran from returning to port to load more Iranian crude. US Central Command (CENTCOM) redirected ships operating in the Strait of Hormuz and launched a strike to disable the Curacao-flagged supertanker Belma, allegedly transporting Iranian crude. Iran has also been accused of striking ships in the waterway, prompting US bombing of Iranian coastal areas.

Iranian parliament speaker Mohammad Bagher Ghalibaf stated that during the previous blockade, the country exported zero barrels of oil. Energy analyst Hamidreza Shokouhi told Al Jazeera that the new siege will remove at least 1.5 million barrels per day from the market, pushing oil prices to around $90 per barrel and pressuring global strategic reserves. Iran responded by trying to prevent other regional countries from exporting oil via the strait. Seven nights of strikes have broadened the conflict, with Kuwait and Bahrain heavily targeted by Iranian missiles and drones. The US has systematically hit civilian infrastructure in Iran, including bridges, tunnels, ports, power stations, and water plants. Some speculate this could prepare for a ground invasion of Iranian coastal regions. The Aq Tekeh railway bridge in Golestan province was among the first targets; it was quickly repaired.

The previous blockade had already driven inflation in Iran, with prices of staples like eggs, chicken, and cooking oil more than tripling year-on-year. A merchant at Tehran's Grand Bazaar reported inconsistent sales and uncertainty due to reliance on imported inventories. The Iranian rial hit an all-time low of over 1.93 million per US dollar, and the Tehran Stock Exchange main index lost 120,000 points (2.4%). Iran's armed forces have warned they will retaliate against any US strikes on civilian infrastructure by attacking similar targets in regional countries hosting US bases. Analyst Shokouhi warned that the conflict is broadening and could involve Houthi disruptions to shipping in the Bab al-Mandab strait.