Iran Tightens Grip on Strait of Hormuz Tanker Traffic

Just when the oil market was getting comfortable with the idea that the Strait of Hormuz was reopening, Iran reminded everyone who's still directing traffic.

Iran's joint military command warned on Thursday that all oil tankers transiting the Strait of Hormuz must follow routes approved by Tehran or face an "immediate and forceful response." The warning, carried by Iranian state television, also cautioned that any U.S. interference in the waterway would prompt a "rapid and decisive reaction." The warning came a day after U.S. and Iranian negotiators…