US President Donald Trump and senior Iranian leaders traded threats over access to the strategically crucial Strait of Hormuz. Iranian Foreign Minister Seyed Abbas Araghchi on Sunday responded to Trump's 48-hour ultimatum to open the strait, saying that Tehran would not be "swayed by more threats".
In a post on X, Araghchi asserted that the narrow waterway remains open but global shipping has been deterred by fears linked to the ongoing conflict. "Strait of Hormuz is not closed. Ships hesitate because insurers fear the war of choice you initiated—not Iran. No insurer—and no Iranian—will be swayed by more threats. Try respect," he said.
"Freedom of Navigation cannot exist without Freedom of Trade. Respect both—or expect neither," he added.
The Strait of Hormuz, a conduit for 20% of the world's energy trade, has been virtually shut for maritime traffic amid the conflict in the region, leading to oil and gas prices shooting up globally.
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Sharpening the rhetoric, MB Ghalibaf, speaker of Iran's Parliament, said entities that finance the US military budget are "legitimate targets" for the country.
"Alongside military bases, those financial entities that finance the US military budget are legitimate targets. US treasury bonds are soaked in Iranians' blood. Purchase them, and you purchase a strike on your HQ and assets. We monitor your portfolios. This is your final notice," he said on X.
The threat appears to have been aimed at sovereign wealth funds in the Gulf countries that own US assets including government bonds. Iran has hit military, civilian and energy infrastructure in these countries since the outbreak of the war three weeks ago.
These warnings followed the 48-hour ultimatum issued by Trump, who threatened Iran's power facilities will be "obliterated" if Tehran does not reopen the key shipping route.
“If Iran doesn't FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!" he had said in a post on Truth Social.
US Treasury Secretary Scott Bessent, earlier on Sunday, said the recent US-Israeli attacks on Iran have been aimed at dismantling the country's fortifications along the Strait of Hormuz.
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