Iranian Parliament Speaker Mohammad Bagher Ghalibaf announced Sunday that the Strait of Hormuz will remain blockaded until the U.S. meets seven conditions for ending the Middle East war. Tehran has delivered these terms to Washington through mediators, insisting that the shipping route will not reopen without a reversal of the current naval blockade and the fulfillment of American commitments.

The disruption has severely impacted trade, with container ship transits falling 94% year-on-year. Very Large Crude Carrier (VLCC) spot rates to load inside the Middle East Gulf and transit the strait reached more than $1 million per day this week.

Liquefied natural gas production at QatarEnergy has dropped to a "very minute" volume, CEO Saad al-Kaabi said Sunday. While the company could restore normal operations a few weeks after the waterway reopens, the current blockade threatens to delay equipment deliveries for the North Field East expansion scheduled for 2027 and the North Field South expansion in 2028.