NEW YORK – The United States and several Gulf nations have officially circulated a draft United Nations Security Council resolution aimed at securing the Strait of Hormuz, as escalating tensions between Washington and Tehran push global commerce toward a potential breaking point. The move comes as maritime traffic through the world’s most vital oil artery has reportedly plummeted by over 90 percent since late February 2026.
The resolution, spearheaded by U.S. Secretary of State Marco Rubio and Bahrain, demands that the Islamic Republic of Iran immediately cease attacks on merchant vessels, stop the laying of sea mines, and abandon its newly announced “Persian Gulf Straits Authority,” which seeks to charge tolls for passage through the waterway. Joining the U.S. and Bahrain in sponsoring the text are Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.
Global Economy “Held Hostage”
U.S. officials have accused Iran of holding the world’s economy hostage by weaponizing the Strait, which facilitates the transit of approximately one-quarter of the world’s seaborne oil trade, along with massive volumes of liquefied natural gas (LNG) and fertilizers. U.S. Ambassador Mike Waltz warned that the freedom of navigation is a “cornerstone of worldwide stability” and that Iranian interference is “setting the stage to doom global trade”.
Beyond demanding an end to hostilities, the draft resolution requires Iran to disclose the locations of all sea mines laid in the channel and cooperate with international removal efforts. It also supports the establishment of a humanitarian corridor to ensure the flow of essential goods.
A Region on the Brink
The diplomatic showdown follows a series of military escalations that began in late February 2026 with U.S. and Israeli airstrikes against Iran, followed by Iranian counterstrikes across the region. Most recently, missile and drone attacks targeted the UAE on May 4, further destabilizing the Gulf.
Iran’s Ambassador to the UN, Amir Saeid Iravani, has dismissed the resolution as “deeply flawed and one-sided,” claiming that U.S. actions have served only to deepen regional instability. Tehran maintains that the only resolution to the crisis is a permanent end to the war and the lifting of what it describes as a “U.S. maritime blockade”.
As the Security Council prepares to vote on the resolution in the coming days, market analysts remain on high alert. With ship transits through the Strait nearly halted, the prolonged closure of the waterway threatens to trigger unprecedented spikes in global oil prices and disrupt essential supply chains worldwide.