The United States warned shipping companies they could face sanctions for payments to Iran to pass through the Strait of Hormuz. The alert heightens pressure amid the US-Iran standoff over control of the vital waterway. South Korea's foreign minister urged safe navigation in a call with his Iranian counterpart.
The US Office of Foreign Assets Control posted an alert on Friday warning shipping companies of potential sanctions for payments to Iran to transit the Strait of Hormuz. The notice targets Iran's "tollbooth" effort, specifying that demands could include cash, digital assets, offsets, informal swaps, or other in-kind payments, such as charitable donations or embassy transactions.
Iran effectively closed the strait after the US and Israel launched a war on February 28, later offering some ships safe passage via routes closer to its shore while charging fees at times. The US responded with a naval blockade of Iranian ports on April 13, preventing Iranian tankers from departing and cutting Tehran's oil revenue. US Central Command stated that 45 commercial ships have been told to turn around since the blockade began.
South Korea's Foreign Minister Cho Hyun held phone talks with Iranian counterpart Abbas Araghchi on May 2, urging the resumption of safe navigation through the strait where 26 South Korean vessels with over 170 crew remain anchored. Cho stressed the need for swift peace restoration amid global security and economic impacts, while Araghchi outlined Iran's position on US negotiations. This marked their third call since the late February conflict.
US President Donald Trump rejected Iran's latest proposal on Friday, saying, "They want to make a deal, I’m not satisfied with it, so we’ll see what happens." He described Iran's leadership as "very disjointed." Iran's IRNA reported Tehran submitted the plan to mediators in Pakistan on Thursday, as a shaky three-week ceasefire holds amid mutual violation accusations.
