The United States Navy resumed its blockade of Iran’s ports on July 14 at 4pm ET, following a memorandum of understanding signed 28 days earlier. Iran’s Oil Minister stated that oil exports would continue unchanged, while reports indicate Iranian attacks on commercial vessels in the Strait of Hormuz. The Strait carries one-fifth of global seaborne oil, and the US had previously conducted three rounds of strikes and revoked Iran’s dollar-based oil sales license.