Seoul: The Strait of Hormuz crisis shows no signs of ending as Washington and Tehran continue to exchange barbs, with neither side signaling a willingness to back down. Their confrontation is taking a toll on the global economy, with oil prices skyrocketing and stoking fears of rising inflation worldwide.

According to Yonhap News Agency, U.S. President Donald Trump lashed out at Iran in a social media post, demanding that Tehran reopen the crucial waterway. He warned that if Iran failed to meet the Tuesday deadline, the U.S. would destroy Iran's power plants and bridges. In response, Iran dismissed Trump's warning, with Gen. Ali Abdollahi Aliabadi describing the threat as a "helpless, nervous, unbalanced and stupid action."

Meanwhile, Iran has selectively reopened the strait, allowing several vessels to successfully transit, though South Korea-linked vessels remain unable to pass. This disruption has significantly contributed to the surge in global oil prices. Tehran seems to be leveraging its control over the waterway to extract tolls for safe passage, potentially using the revenue to rebuild its industries. It also aims to shift global opinion by portraying U.S.-Israeli strikes as the cause of economic instability.

Global backlash is emerging, with the U.N. Security Council expected to vote on a Bahrain-sponsored resolution aimed at protecting shipping in the strait. However, the outcome is uncertain as China opposes the measure, arguing it could escalate tensions.

South Korea, heavily dependent on the strait for its crude oil and natural gas imports, is among the most affected by Iran's control. Seoul is encouraged to lead a coordinated international effort to ensure the waterway's reopening and pursue diplomatic engagement with Tehran to secure safe passage for its vessels.