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Globe/AP say Occidental sees Iran lean on Hormuz

2026-07-03 07:51 ET - In the News

See In the News (C-OXY) Occidental Petroleum CDR (CAD Hedged)

The Globe and Mail reports in its Friday edition that Iran's joint military command warned that oil tankers in the Strait of Hormuz must use approved routes or face a "forceful response," escalating tensions over this crucial waterway. An Associated Press dispatch to The Globe says that the statement, reported by state television, follows recent United States and Iranian diplomatic meetings in Qatar as negotiations continue to seek a permanent resolution to the Iran war. It's unclear what triggered the threat from Iran, but the U.S. military's Central Command issued a statement about a meeting with Mideast leaders in Bahrain, emphasizing their commitment to free commerce through the strait. The phrase could have angered Iran, which is preparing for the funeral of the late Supreme Leader Ayatollah Ali Khamenei, killed in the war's early moments in February. Iran and the U.S. agreed to an interim deal allowing ships to pass without charges for 60 days. However, Tehran wants to control the routes and later impose fees, changing long-standing practices in the waterway which had free movement before the war. The U.S. and many Gulf Arab states say they won't agree to Iran charging for passage through the strait.

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