The Economic Times

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

Iran has formed a new government agency to control passage through the Strait of Hormuz. This move raises concerns for international shipping. Meanwhile, peace talks continue between Iran and the U.S. mediated by Pakistan. Both sides are reviewing proposals. Hopes for an end to the conflict are growing, impacting global markets. Saudi Arabia has stated it will not support U.S.