BlockBeats News, August 15th. The US-Iran conflict continues to escalate, and crude oil transportation through the Strait of Hormuz remains at a standstill. Iran has stated that unless the US accepts the "reality of failure" and stops exerting pressure, it will not resume passage through the strait. President Trump of the US has mentioned that the public needs to accept higher gasoline prices as a cost to contain Iran's nuclear program.

Iran's Deputy Foreign Minister, Abbas Araghchi, stated that the opening and closing of the Strait of Hormuz will be decided by Iran. He mentioned that as long as the US "does not accept failure and continues to fantasize," Iran will maintain restrictions on navigation through the strait.

According to Reuters, before the conflict, the Strait of Hormuz carried about one-fifth of the global oil supply, but currently, the number of oil tankers passing through has significantly decreased. Data from the ship tracking firm Kpler shows that on Friday, only two ships passed through the strait, with no records of oil transport, far below the pre-conflict level of over 130 vessels passing through daily.

Trump stated at a political rally in New York that the rise in US gasoline prices is a price to pay to prevent "evil countries" from acquiring nuclear weapons. He mentioned that American consumers need to accept "a little bit higher" oil prices.

Data from the American Automobile Association (AAA) shows that the average US gasoline price has risen to about $4.08 per gallon, a 29% year-over-year increase. International oil prices have also been impacted, with Brent crude oil futures rising by about 6% this week and WTI crude oil futures up approximately 5.4%.

At the same time, the Iranian economy has also been affected. Iranian President Hassan Rouhani stated that the US blockade of ports and sanctions on Iranian oil exports have intensified domestic inflation pressures.

Currently, both the US and Iran have not resumed peaceful negotiations. US Treasury Secretary Janet Yellen mentioned that more economic measures against Iran will be announced next week. Meanwhile, Iran-backed Houthi rebels have launched a new round of attacks in Yemen, raising concerns about further escalation of regional conflicts.