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The military said it had disabled the vessel after it ignored repeated warnings to stop, amid a U.S. blockade of Iranian ports. Marines boarded the ship and seized it.
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Tehran has not commented on the incident, which comes as the US prepares for a second round of talks.
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The Iran-flagged Touska was on the U.S. Treasury's sanctions list because of a history of illegal activity, Trump said.
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Maritime and military law experts say an expansion of the naval blockade announced last week raises legal and practical questions but has ample historical precedent.
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The two-week ceasefire between the US and Iran is set to expire Wednesday. And the two sides seem far from a resolution. President Trump says the US has taken custody of an Iranian vessel.
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