{"id":61041,"date":"2026-04-18T06:38:22","date_gmt":"2026-04-18T10:38:22","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gulf-crisis-deepens-imo-condemns-hormuz-closure-as-iraq-moves-to-resume-oil-exports\/61041\/"},"modified":"2026-04-18T06:38:22","modified_gmt":"2026-04-18T10:38:22","slug":"gulf-crisis-deepens-imo-condemns-hormuz-closure-as-iraq-moves-to-resume-oil-exports","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gulf-crisis-deepens-imo-condemns-hormuz-closure-as-iraq-moves-to-resume-oil-exports\/61041\/","title":{"rendered":"Gulf Crisis Deepens: IMO Condemns Hormuz Closure as Iraq Moves to Resume Oil Exports"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>IMO Legal Committee adopts UAE-led resolution<\/strong> condemning Iran&#39;s closure of the <strong>Strait of Hormuz<\/strong> and its attacks on regional shipping and GCC territories.<\/li>\n<li><strong>Iraq announces the resumption of oil production<\/strong> across all fields, with the first tankers beginning to load at southern terminals after a month-long disruption.<\/li>\n<li><strong>Tehran sets strict conditions for US negotiations<\/strong> through Pakistani mediators, warning it will not engage in &quot;futile, draining negotiations&quot; or accept &quot;excessive demands.&quot;<\/li>\n<li><strong>IRGC Navy Command issues a stern warning<\/strong>, stating any breach of maritime covenants by the United States will be met with a &quot;proportionate and harsh&quot; response.<\/li>\n<li><strong>Israeli military operations intensify in southern Lebanon<\/strong>, with artillery strikes and demolition activity reported in <strong>Beit Lif<\/strong>, <strong>Al-Qantara<\/strong>, and <strong>Toul<\/strong>.<\/li>\n<\/ul>\n<p>The <strong>International Maritime Organization (IMO)<\/strong> Legal Committee has formally adopted a resolution strongly condemning <strong>Iran\u2019s<\/strong> closure of the <strong>Strait of Hormuz<\/strong> and its ongoing attacks in the region. The decision, which was spearheaded by the <strong>United Arab Emirates<\/strong>, received praise from the <strong>Gulf Cooperation Council (GCC)<\/strong> Secretary-General, who underscored the UAE&#39;s pivotal role in defending the principle of <em>unimpeded transit passage<\/em>. The resolution demands that Tehran immediately cease its threats to merchant vessels and remove any sea mines laid in the strategic waterway, which handles approximately <strong>20% of global oil and gas transit<\/strong>.<\/p>\n<p>In a significant development for energy markets, the <strong>Iraqi Ministry of Oil<\/strong> announced it will resume production from all fields in the coming days. This move follows a month-long halt that saw output at the <strong>Basra Oil Company<\/strong> plunge from <strong>3.3 million barrels per day (bpd)<\/strong> to just <strong>900,000 bpd<\/strong>. Market analysts suggest that the return of Iraqi crude could provide much-needed relief to global supply chains, though the <strong>United States Oil Fund (<a href=\"\/stock\/USO\">USO<\/a>)<\/strong> remains volatile as the naval blockade of Iranian ports continues.<\/p>\n<p>Diplomatic efforts to de-escalate the conflict are currently centered on <strong>Islamabad<\/strong>, where Pakistani mediators are facilitating a message exchange between <strong>Washington<\/strong> and <strong>Tehran<\/strong>. According to reports from the <strong>Tasnim News Agency<\/strong>, an informed Iranian source stated that Tehran has communicated its conditions for continuing talks, emphasizing that it will not waste time in &quot;futile negotiations.&quot; Iran has accused the U.S. of putting forth &quot;excessive demands&quot; during the exchange, while the <strong>IRGC Navy Command<\/strong> warned that any movement of U.S. military vessels near the Strait would be viewed as a breach of existing covenants.<\/p>\n<p>Russian Foreign Minister <strong>Sergei Lavrov<\/strong> weighed in on the crisis, characterizing the ongoing war in the Gulf as a strategic struggle to control the oil flowing through the <strong>Strait of Hormuz<\/strong>. Lavrov\u2019s comments come as <strong>Russia<\/strong> and <strong>China<\/strong> continue to scrutinize U.S. naval activity in the region, following their recent veto of a <strong>UN Security Council<\/strong> resolution aimed at reopening the waterway. The geopolitical friction has kept pressure on major energy players like <strong>ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong> and <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong>, as they navigate the highest regional risks in decades.<\/p>\n<p>On the northern front, the conflict between <strong>Israel<\/strong> and <strong>Hezbollah<\/strong> shows no signs of abating despite a fragile two-week ceasefire elsewhere. Israeli artillery has reportedly fired shells toward <strong>Beit Lif<\/strong>, <strong>Al-Qantara<\/strong>, and <strong>Toul<\/strong> in southern Lebanon, while bulldozers continue stripping operations and demolishing homes in several border areas. The <strong>UAE\u2019s<\/strong> representative to <strong>UNESCO<\/strong> has joined other regional voices in condemning what they describe as &quot;Iranian terrorist attacks&quot; across the Gulf and the Levant, highlighting the broad and interconnected nature of the current regional instability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways IMO Legal Committee adopts UAE-led resolution condemning Iran&#39;s closure of the Strait of Hormuz and its attacks on 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