Iranian press review: Iran Relies on speedboats to keep Strait of Hormuz closed

Iran is reportedly using speedboats to maintain a blockade on the Strait of Hormuz, a strategic move intended to deter potential U.S. attacks. The Middle East Eye reports that these small, fast vessels are being deployed by the Iranian Revolutionary Guard Corps (IRGC) Navy to enforce the closure of the strait, a vital oil transport corridor. The situation forms part of the ongoing 2026 Iran–U.S.–Israel conflict, with Iran’s actions reflecting an asymmetric escalation strategy. The deployment of speedboats is aimed at harassing and intimidating merchant vessels, thereby imposing operational costs on U.S. and allied forces. Key Takeaways Market pricing suggests a decrease in the likelihood of the Strait of Hormuz normalizing by August 31, with YES odds dropping from 10% to 7.5% over the past 24 hours. The strategic use of speedboats by Iran appears consistent with maintaining the blockade, which negatively impacts the probability of returning to normal soon. The ongoing maritime confrontation and Iran’s aggressive posture contribute to pricing supportive of the NO outcome on near-term reopening of the strait. What to Watch Observers should monitor any official announcements from Iran...