Iran is moving to tighten its grip on the Strait of Hormuz by establishing a system of approved passage for ships through the crucial waterway. Tehran's foreign ministry declared that 'non-hostile' vessels would be allowed to pass 'in co-ordination with the competent Iranian authorities,' while blocking US, Israeli, or any 'participants in the aggression.'

Foreign Minister Abbas Araghchi asserted that Tehran would impose a new order in the strait after the war, insisting that the country exercises sovereignty over it 'even if some might like to view it as international waters.' These assertions raise far-reaching questions about access to what is one of the world's most important shipping routes, through which roughly 20% of global oil passes.

The United Arab Emirates is pushing back by seeking an international force to reopen the strait, telling allies it would deploy its own navy in joint efforts to secure safe passage. Meanwhile, Brent crude traded around $107.17 a barrel, down 0.8% from yesterday, as Asian stock markets reversed steep early losses.