U.S. President Donald Trump [AFP=Yonhap News]

U.S. President Donald Trump announced on the 12th (local time) that "the U.S. Navy, the strongest in the world, will immediately begin procedures to block all vessels entering or leaving the Strait of Hormuz."

This is a declaration of a "reverse blockade" against Iran's blockade of Hormuz. It signals a clear intention to cut off Iran's oil exports by controlling the Strait of Hormuz, following the breakdown of negotiations with Iran. Tensions are now expected to be at a breaking point between the U.S. and Iran over control of the strait.

President Trump wrote on his social media platform, Truth Social, on this day, "Negotiations went well and most things were agreed upon, but the only really important thing, nuclear, was not."

He continued, "Someday we will reach the stage of 'allowing all ships to pass,' but Iran has blocked this with a simple statement that 'there might be mines somewhere' that only they know about."

President Trump emphasized, "This is extortion to the world, and world leaders, especially the United States, will never be extorted."

President Trump also stated, "I have ordered our Navy to find and block all ships in international waters that have paid tolls to Iran. Anyone who has paid illegal tolls will not have safe passage in international waters."

These remarks by President Trump came after overnight marathon peace talks with Iran in Islamabad, Pakistan, concluded without an agreement ("no deal") starting the previous day.

Iran's most potent bargaining chip is the blockade of the Strait of Hormuz, through which 20% of global oil and gas shipments pass, causing international oil prices to surge and impacting the global economy. This move appears to be an attempt by the U.S. to secure control of the Strait of Hormuz by utilizing its military power.

This is a similar measure to the military operation to oust former President Nicolás Maduro in Venezuela earlier this year, which involved blocking Venezuela's oil export routes.

The strategy appears to be to block Iran's oil exports, further damaging the Iranian economy, which is already struggling due to bombings by the U.S. and Israel, while also exerting diplomatic pressure on China and India, which import Iranian crude oil, and fundamentally blocking supply routes for countries supporting Iran, such as Russia and China.

President Trump also said, "We will begin destroying the mines Iran has placed in the strait. If they fire upon our or peaceful ships, we will completely annihilate any Iranians."

This seems to refer to the mine-clearing operations that began the previous day when the U.S. Central Command deployed the USS Frank E. Petersen and USS Michael Murphy to pass through the Strait of Hormuz.

"The blockade (of the Strait of Hormuz, led by the United States) will begin shortly. Other countries will also be involved in this blockade," President Trump stated. "Iran will not be allowed to benefit from these illegal extortionate acts."

He specifically said, "They want money. And more importantly, they want nuclear weapons. Furthermore, at the appropriate time, we will be fully militarily prepared, and our military will completely finish off the remaining small things in Iran."

In another Truth Social post, President Trump pointed out, "Iran promised to open the Strait of Hormuz but intentionally did not keep that promise. This has caused anxiety, confusion, and suffering for many people and countries around the world."

He also warned, "Iran claims to have laid mines in the sea, even though most of their navy and mine-laying ships have been destroyed. Even if they did, what ship owner would want to risk it? It would be best for them to begin the process of quickly opening this international waterway as they promised."