Iran's joint military command issued the warning on July 2, a day after U.S. and Iranian diplomats met with mediators in Qatar. 

Transpacific shipping rates to the West Coast have more than doubled since mid-May, while Asia to Europe rates have been up 70-80%.

Iran continues to assert that the only route is its corridor and that all vessels require its permission, regardless of any agreements.

The U.S. is leaning on Oman, which also borders the strait, not to create a joint tolling system with Iran.

Shippers should not expect more ocean carrier capacity to translate into falling freight rates.

Risk and compliance teams are no longer only asking whether a vessel transited Hormuz; they are asking whether that transit can be documented, explained and defended

Two key exit routes through Hormuz have emerged over the past several weeks because the normal one through the middle is thought to have been mined.

The proposal, backed by Oman, was potentially the first phase of a wider Omani proposal to consult on setting up a new management system for the strait.

The IMO said that it will carry out a large-scale operation with cooperation between the maritime industry and the U.S., Iran, Oman and other Gulf Coast states.

With the U.S. temporarily lifting its sanctions on Iranian oil, the Middle Eastern nation will now temporarily be allowed to sell oil using U.S. dollars