The U.S. and UK will reportedly convene a high-level conference in London next week to build an international coalition protecting shipping through the Strait of Hormuz. This diplomatic push comes as President Donald Trump nears a decision on launching a "massive attack" on Iran, raising immediate stakes for global energy security and market stability. Defense Secretary Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine may attend the talks, according to Axios, citing a White House official. The White House did not immediately respond to requests for comment.

Energy Corridor at Stake as War Enters Fifth Month

The Strait of Hormuz is a critical global energy corridor. Reopening it fully is central to any U.S. exit strategy from the conflict with Iran and to stabilizing volatile energy markets. The war is now in its fifth month, with escalations extending beyond the U.S., Iran, and Israel. Middle Eastern countries hosting American military bases have also faced repeated attacks.

Key Developments

Iran Holds Firm as Mediators Push for Off-Ramp

On Friday, Iranian Foreign Minister Abbas Araghchi said Iran "will not submit to U.S. bullying," according to Axios. Oman resumed mediation talks in Tehran the same day. Araghchi also discussed proposals with his Pakistani counterpart, a mediator in U.S.-Iran talks, saying "the problem is America's approach."

On Thursday, President Donald Trump said he is nearing a decision on launching a "massive attack" on Iran, while Pakistan is reportedly working to revive stalled negotiations between Washington and Tehran. In May, the UK deployed HMS Dragon, a Type-45 destroyer, to the Middle East as part of the broader coalition effort to provide naval escorts through the Strait of Hormuz.

President Donald Trump confirmed that 19 million barrels of oil flowed out of the Strait of Hormuz, directly countering Iran's military claim that the strategic waterway had been closed. The statement reinforces the U.S. position that oil shipments remain uninterrupted despite escalating tensions surrounding ongoing nuclear negotiations. The Strait of Hormuz handles nearly 20% of global oil and gas shipments, making any disruption a critical concern for global energy markets.

Trump Floats US Toll As Leverage In Stalled Talks

Trump also warned that the United States may impose tolls in the Strait of Hormuz if the Iran peace deal collapses. In a statement on Truth Social, Trump specified there would be "NO TOLLS" in the strategic waterway for 60 days, "unless they are imposed by and for the United States of America, should the deal not be completed." He framed any potential future charges as reimbursement for U.S. forces acting as a "Guardian Angel" to the region. The warning comes as U.S. and Iranian delegations, including Vice President JD Vance, prepare for talks in Switzerland to negotiate terms beyond the interim memorandum. Iran's semi-official Fars News Agency reported a revision granting Iran and Oman authority over future maritime administration in the strait, leaving open the possibility that tolls could resume after the initial 60-day period.

Strait Closure Claim Adds Fresh Uncertainty

Tensions escalated after Iran's military announced it had closed the strait, citing Israeli strikes in Lebanon that allegedly breached the ceasefire. U.S. Central Command denied the closure, stating that 55 merchant ships transited the strait safely, carrying more than 17 million barrels of oil. Trump's latest update raised that figure to 19 million barrels, further reinforcing the U.S. denial of any operational disruption. The conflicting claims regarding the status of the waterway and its administration highlight the fragility of the current negotiations.

The following table summarizes the key parameters surrounding the Strait of Hormuz dispute: