Geopolitical events
On August 12, 2026, the Iranian Supreme National Security Council implemented a significant policy shift by expanding the conditions required to reopen the Strait of Hormuz. The new mandate requires a total cessation of hostilities in Gaza and Lebanon and the release of all frozen Iranian sovereign assets as a prerequisite for ending the maritime blockade. Secretary Mohsen Rezaei confirmed that this stance supersedes the previous "Islamabad Memorandum," leading to a renewed diplomatic impasse and a 1.4% increase in global oil prices, with Brent crude futures reaching $88.91 per barrel.