US Secretary of State Marco Rubio stated that the United States will not accept the Strait of Hormuz belonging to any single country, warning that allowing tolls on international waterways would lead to 'total chaos' worldwide.

Iran's Islamic Revolutionary Guard Corps (IRGC) warned that vessels must use routes designated by Tehran through the Strait of Hormuz, calling any unauthorized crossing 'unacceptable and extremely dangerous' and threatening action against violators.

Oil prices have dropped to pre-war levels, with Brent crude falling below $73 per barrel for the first time since the Iran war began on February 28. Prices had spiked to as high as $120 during the conflict.

Last week, Washington and Tehran signed a memorandum of understanding that partially lifted US sanctions on Iranian oil exports. Both sides have 60 days to resolve sticking points before a final agreement.

Rubio, speaking at a Gulf Cooperation Council meeting in Bahrain, emphasized that the US wants a peace deal with Iran but 'not at any price,' insisting the deal must be 'good, real, verifiable, and adhered to.'

The top US diplomat also sought to reassure Gulf allies that their interests would be protected. During the conflict, Iran launched missiles and drones at Gulf states hosting US military bases, including the UAE, Kuwait, and Bahrain.

Source: www.dw.com