Iran's Parliament speaker said Friday that Iran will close the Strait of Hormuz again if the US doesn't lift its naval blockade on Iranian ports. The strait had been functionally blocked earlier in the conflict but was reopened as part of an Israel-Lebanon ceasefire; Trump immediately responded that the US blockade will remain in place. Oil prices dropped about 9% on the news of the strait reopening, suggesting markets expect continued access to Persian Gulf crude despite the military standoff.