Overview
- A two-week truce announced Tuesday by the United States and Iran reopened the Strait of Hormuz, with Tehran saying vessels must coordinate passage with its armed forces.
- Early transits resumed Wednesday, yet hundreds of ships remain queued on both sides of the waterway, with trackers counting 800 to more than 1,000 vessels still waiting.
- Iran and Oman are advancing plans to charge ships that pass the strait, a move that collides with maritime norms for natural straits that allow transit without tolls.
- President Donald Trump said the U.S. would help manage the traffic buildup, but questions persist over who controls transit, whether escorts are provided, and when large-scale flows can safely restart.
- Oil prices fell sharply after the ceasefire and conditional reopening, but risks endure as insurers seek clearer security guarantees and Iran signals proxies could threaten other routes such as Bab el‑Mandeb if fighting returns.