Iran Establishes New Agency Amid US Peace Talks

May 7, 2026

55 min

May 7, 2026 21:31

US-Iran talks: Iran creates new agency to control shipping in Strait of Hormuz while reviewing peace deal with US

## Iran's New Agency for Strait of Hormuz

Iran has set up a new government agency to oversee and tax vessels passing through the Strait of Hormuz. This move comes as Tehran reviews a 14-point proposal from the US aimed at ending the ongoing conflict.

## US-Iran Tensions

Tensions remain high after the US military fired on an Iranian oil tanker in the Gulf of Oman, despite a ceasefire. President Trump has warned Iran to accept the US peace proposal or face renewed military action.

## International Reactions

China has urged Iran to reopen the Strait of Hormuz, emphasizing the importance of dialogue. Meanwhile, the US and its Gulf allies are pressing the UN to demand Iran end its blockade of the strait.

## Economic Impact

The conflict has trapped around 1,500 ships in the Gulf, affecting global trade. Germany has warned of significant tax revenue losses due to the energy crisis triggered by the conflict.

## Diplomatic Efforts

Negotiations between the US and Iran are reportedly progressing, with hopes of reaching a preliminary agreement to halt hostilities and resume broader diplomatic talks.

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