Iran and the United States hardened their positions as diplomacy aimed at reaching a ceasefire in the war appeared to be faltering Thursday. Tehran moved to formalize its control over the crucial Strait of Hormuz as Washington prepared for the arrival of combat forces that could be used on the ground in the Islamic Republic.
Industry experts described Iran as instituting a “de facto ‘toll booth’ regime” with some ships paying in Chinese yuan to pass through the strait, through which 20% of all oil and natural gas traded typically passes in peacetime.
