Iran rebuffs Trump's claim over Strait of Hormuz amid report of another ship being struck

Iran's response to President Trump's claim over the Strait of Hormuz is a significant development in the ongoing tensions between the US and Iran. The Strait of Hormuz is a critical waterway for global oil exports, with approximately 20% of the world's crude oil passing through it. Iran's assertion that the strait "will remain Iranian" is a clear rebuff of Trump's claim, and it highlights the country's determination to maintain control over this vital shipping lane.

The incident comes amid reports of another ship being struck, which could potentially escalate tensions in the region. The maritime industry is already on high alert, with many ships and tankers altering their routes to avoid the area. Any disruption to oil supplies through the Strait of Hormuz could have significant implications for global trade, leading to increased prices and potential shortages. The US and Iran have been engaged in a war of words, with the US imposing sanctions on Iran and Iran threatening to block the strait in response.

To watch next: The situation in the Strait of Hormuz is likely to remain volatile, with traders and market participants closely monitoring developments. Any further escalation in tensions could lead to increased oil prices, which could have a ripple effect on global trade and economic growth. The international community will be watching to see how the US and Iran respond to each other's actions, and whether diplomatic efforts can help to de-escalate the situation.

Originally reported by cnbc.com. Trade-News adds analysis for finance & markets readers.