US pledges economic measures to isolate Iran amid Hormuz deadlock and major oil slick

Transit through the critical Strait of Hormuz has come to a near standstill, with only a minimal number of vessels navigating the waterway as of August 14, 2026. This drastic reduction in shipping traffic, down from over 120 vessels daily before the current conflict, follows intensified US isolation measures against Iran. The United States has reinforced its naval blockade on Iranian ports and continues to implement new economic sanctions, aiming to cut off Iran's financial lifelines and prevent it from controlling or monetizing the strait.

In response to the ongoing conflict, which began in February 2026 with US and Israeli strikes on Iran, Tehran has resumed attacks on ships attempting to transit without its authorization. An Iranian parliamentary committee has also approved a plan to formalize Iran's control over the Strait, proposing to ban vessels and equipment from countries designated as hostile, including the US and Israel. Iran maintains that the Strait of Hormuz will not be fully reopened until its demands, such as the lifting of economic sanctions and the unfreezing of its assets, are met.

The protracted instability and effective closure of the Strait of Hormuz have triggered a global energy crisis, with significant impacts on international trade. Oil prices have surged, with Brent crude exceeding $100 per barrel, and commercial shipping faces extensive delays, rerouting, and sharply increased insurance premiums. This disruption underscores the vulnerability of global supply chains to geopolitical tensions in the vital maritime chokepoint.