Hormuz Tensions Grow as Iran Pushes Transit Rules and Oil Prices Rally

Iran says it's working with Oman on a mechanism to guarantee safe transit through the Strait of Hormuz via a new Persian Gulf Strait Authority, potentially licensing passage and charging fees; Tehran warns ships need its permission as diplomacy with the U.S. stalls, while Trump pressures for a peace deal and markets react with higher oil prices and slipping stocks amid renewed escalation fears, including a drone strike on the UAE’s Barakah plant and continuing Pakistani-mediated talks.