U.S. President Donald Trump said Iran had "violated the interim agreement" with the United States, calling its officials "bad guys" days after the escalation in the Strait of Hormuz.
In an interview with Fox News, Trump threatened that Washington would impose "full control" over the Strait of Hormuz and "charge a fee for guarding it."
Trump said the firing on the ships and the closure of the strait was a "flagrant breach" of understandings reached in Muscat and Switzerland, directing the U.S. Department of Defense to implement an emergency plan to impose "operational and security control" over the vital corridor and ensure the continued flow of energy supplies.
The US president reiterated his rejection of Iranian conditions related to transit fees or the lifting of sanctions before full compliance with the comprehensive agreement.
IRGC responds to Trump
Iran's Islamic Revolutionary Guard Corps (IRGC) announced on Monday (July 13) that the only way to reopen the Strait of Hormuz to maritime traffic is for the US military to stop its interventions in the strait and respect the sovereignty of coastal states over their territorial waters.
He warned that the continuation of US interventions in the Strait of Hormuz could lead to greater developments affecting global oil and natural gas markets, according to Iran's Fars news agency, citing a statement by the Revolutionary Guards.
The statement said that the IRGC targeted US military facilities and infrastructure in the Juffair area of Bahrain last night, in response to US attacks on Iranian territory.
He added that it also targeted the long-range FBS radar for air defense in the Sultanate of Oman, and another radar to monitor naval targets.
Immediate shock in global markets
Trump's remarks sent an immediate shock to global markets, with Brent crude jumping above $94 a barrel amid fears of supply disruptions in one of the most important energy sea lanes.
The uncertainty has prompted international insurers to raise risk charges on tankers bound for the Gulf to record levels, implying a direct increase in the cost of shipping and a potential slowdown in global trade.
Tensions have been reflected in natural gas contracts and freight rates, while shipping companies have begun to reassess their routes to avoid passing through the Strait of Hormuz, which threatens to extend journey times and raise the cost of imports in European and Asian markets.
Preliminary estimates by think tanks suggest that a continued escalation could prompt investment funds to shift part of their portfolios toward safe-haven assets, such as gold and U.S. bonds, adding additional pressure on energy markets already facing a wave of speculation.
Economists have warned that any U.S. move to take military control of the strait would redraw the map of energy markets and open the door to a new wave of sharp price volatility, with the potential for contagion to the region's currency and sovereign debt markets.
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