Iran has reversed its decision to reopen the Strait of Hormuz and has warned that it would continue to block transit through the strait as long as the U.S. blockade of Iranian ports remained in effect. The escalating standoff over the critical chokepoint threatens to deepen the energy crisis roiling the global economy. It could also push the two countries toward renewed conflict, even as mediators have expressed confidence a new deal was within reach. The strait is closed until the U.S. blockade is lifted, Iran’s Revolutionary Guard navy said Saturday night.