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US-Israel-Iran War Ceasefire News Live Updates: The standoff between the US and Iran has effectively choked off nearly all exports through the strait -- where 20 per cent of the world's traded oil passes in peacetime -- with no end in sight.
While strikes around the region have mostly ceased since the two-week-old truce began, there has been no letup in the stand-off over the crucial trade route, with both sides seeking economic leverage.
Iran has vowed not to reopen the Strait of Hormuz as long as the United States blockades its ports, with the blocked waterway sharply driving up oil and gas prices and disrupting the global economy.
US Navy Secretary John Phelan was sacked Wednesday reoportedly amid disputes with Defence Secretary Pete Hegseth over the expensive new Trump-class warships; Hegseth reportedly favours mass-produced uncrewed ships to boost numbers.