Iran Seeks to Bar US, Israeli Ships From Hormuz | Horizons Middle East & Africa 8/7/2026
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Oil prices extended their gains as tensions around the Strait of Hormuz remained elevated. Iran is seeking to bar US and Israeli ships from using the strategic waterway, while its parliament reviews the proposed Iran-Oman agreement and considers requiring compensation from countries it views as hostile before shipping can fully resume. President Trump said the US controls the Strait of Hormuz and expressed optimism that the war could end soon, while Washington called for a return to the pre-war status quo in the vital shipping lane. Investors also turned their attention to the latest US jobs report, with payroll data expected to play a key role in shaping the Federal Reserve's next move. Bond markets weakened ahead of the release, while the Japanese yen gave back nearly half of its gains following coordinated intervention and slipped beyond ¥158 per US dollar. Asian stocks declined on renewed Iran concerns, and Japan's Nikkei fell after disappointing technology earnings. In business an
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