Iran Vows to Keep Strait of Hormuz Closed Amid Global Energy Crisis

Iran has stated it will keep the Strait of Hormuz closed until the United States meets its demands, pointing to seven conditions outlined in a June agreement. The country's parliament speaker, Mohammad Baqer Qalibaf, indicated that proposals have been made through a mediator but stressed that the era of one-sided demands is over. "The position of the Islamic Republic of Iran is completely clear and firm, and the Strait of Hormuz will not be opened until our seven conditions, based on the Islamabad Memorandum of Understanding, are met," he said.

This stance follows an agreement by the Group of Seven (G7) nations to release emergency diesel and crude oil reserves. The G7 decision came under pressure from U.S. President Donald Trump amid a global energy crisis that has seen prices surge. European leaders had initially resisted releasing reserves, fearing exposure to price hikes this winter if the conflict continues. However, they ultimately yielded to Trump's demands after he threatened a U.S. export ban.

Foreign Minister Abbas Araghchi stated that there is "no military solution" to the ongoing conflict, asserting that any further military confrontation would be met with a stronger response. He also ruled out solutions based on new sanctions.

Iran had previously sought to control the shipping lane and attacked vessels attempting to transit without authorization. The country had offered to reopen the strait and resume nuclear talks in exchange for U.S. concessions, including the lifting of a naval blockade on Iranian ports.

President Trump, in late September, claimed that Iran was desperate to reopen the waterway due to its deteriorating economic situation and had rejected its latest ceasefire proposal as "unacceptable." He characterized the U.S. as imposing a significant blockade and asserted U.S. control over the Strait of Hormuz, through which approximately a fifth of the world's traded oil flowed daily prior to the conflict.

The G7 decision to release up to 100 million barrels aims to stabilize energy supplies, build supply chain resilience, and protect consumers from price shocks. This action comes as global diesel shortages have intensified, exacerbated by export bans from Russia and China. The U.S. threatened an export ban to pressure Europe into releasing reserves to lower fuel prices before U.S. midterm elections.

The situation has caused concern in the United Kingdom, which holds approximately 40 days of diesel reserves and relies on the U.S. for a quarter of its imports. This compares to the EU's approximately 80 days of supply. The average cost of diesel in Britain has risen by over 40% since the conflict began, surpassing £2 per liter. Officials are reportedly developing contingency plans for potential diesel rationing if the U.S. ban proceeds and the Middle East crisis remains unresolved.