Iran sets conditions for opening Strait of Hormuz after UAE says one of its ships was targeted by airstrike

Tensions in the Gulf are climbing after the UAE said one of its ships was hit in an airstrike, CNBC reports. Iran's military says the Strait of Hormuz will only reopen once the U.S. accepts its conditions. The strait is one of the world's busiest oil shipping chokepoints, so any closure threat draws global attention.

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