The US-Iran conflict continued to strain global energy markets and regional shipping as Iran rejected US President Donald Trump's claim that the Strait of Hormuz could become US territory, said the waterway would be opened or closed under Iran's command, and signaled its blockade would remain in place. The strait, under the shared jurisdiction of Iran and Oman, carried about 20% of the world's oil and gas before the war began on Feb. 28, 2026, but traffic has slumped to a fraction of normal levels, with Kpler counting only six vessels last weekend versus roughly 130 to 140 a day before the conflict. Trump has repeatedly said the United States controls the waterway, a claim challenged by former U.S. diplomat Richard Haass and Fox News host Bret Baier. The broader confrontation has also kept energy prices elevated, left diplomacy stalled and shipping under recurring threat: Iranian Foreign Minister Seyed Abbas Araghchi said message exchanges via Qatar and Pakistan do not amount to negotiations, while the United Kingdom Maritime Trade Operations Centre received a verified report that a bulk carrier had been hit in the hull by an unknown projectile. Washington is also maintaining and threatening tougher pressure on Tehran, with Treasury Secretary Scott Bessent promising economic measures never seen before on Iran and Defense Secretary Pete Hegseth saying the military could maintain a naval blockade indefinitely.