According to our “Hormuz dependency dashboard”, Iran could indeed monetise the strait. It would be exceedingly difficult to reroute shipments of refined petroleum products or liquefied natural gas. And many of Iran’s Gulf neighbours depend on the waterway for imports such as food.

U.S. officials have repeatedly insisted they would never agree to Iran controlling access to the world's most important trade route for energy supplies.

Iran's parliament is reviewing a plan to ban ships linked to the U.S., Israel and other "hostile countries" from transiting the Strait of Hormuz. The Trump administration has rejected the plan.

In talks on the Strait of Hormuz, Tehran has vowed to block U.S. Navy ships from using the waterway.

The conflict is broadening across the region, with Gulf energy infrastructure and key shipping chokepoints under renewed threat.

Iran and Oman agreed to a proposed new shipping route through the Strait of Hormuz, according to Iranian state media. Iran’s foreign ministry spokesman said a joint statement between the two countries would soon be finalised,