New Delhi, Aug. 13 -- With traffic through the strategically vital Strait of Hormuz still largely stalled, global oil stockpiles are rapidly dwindling nearly six months into the US-Iran war.

The two sides remain at odds over control of the key waterway, with US President Donald Trump claiming that the US controls the strait, while Iran has rejected the assertion.

A senior Iranian official on Thursday rejected Trump's claim that Washington controls the Strait of Hormuz, insisting that the strategic waterway remains under the control of Iran.

Iranian Foreign Minister Abbas Araghchi on Thursday accused the US of repeatedly misjudging the situation surrounding the Strait of Hormuz.

"The U.S. has long miscalculated due to intelligence fail...