Iran's FM Araghchi declared the strait "completely open" for commercial vessels — provided they use an IRGC-coordinated route. The US Navy says the blockade is "in full force" and stays until a peace deal is signed. Brent dropped toward $99 on the announcement; WTI briefly dipped below $92. 13 ships have been turned back total. The ceasefire expires April 22 — five days from now. Pakistan's Army Chief is in Tehran to arrange new US-Iran talks.
Hegseth: blockade stays "as long as it takes" until a peace deal. Iran's "IRGC-coordinated route" offer is rejected — the US demands unconditional reopening without tolls, IRGC oversight, or per-ship permission. Nuclear demand: 20-year halt to all enrichment + facility dismantlement.
Iran FM Araghchi declared the strait "completely open" for the ceasefire's remaining duration via an IRGC-coordinated route. Iran's counter-offer: 5-year enrichment pause, enrichment rights remain "indisputable." Brent dropped ~$1/bbl on the announcement — markets reading it as a de-escalation signal.
Dropped from ~$100 toward $99 after Iran FM declared the strait "completely open" Apr 17. Markets pricing in possible diplomatic movement. US blockade formally unchanged — prices could reverse quickly.
WTI dipped below $92 on Iran's announcement before recovering. US strategic reserves partially depleted. SPR drawdowns ongoing.
Qatar's LNG exports — ~25% of global supply — transiting through Hormuz are severely disrupted. Asian buyers scrambling for spot cargoes.
As a % of ship value per voyage. For a $100M VLCC: cost went from ~$125K to ~$1M per trip. Many insurers have exited entirely.
Ships rerouting around southern Africa add 10–14 days and significant fuel cost. Many tankers have chosen this over the risk of Hormuz.
Goldman Sachs warns that one more full month of Hormuz closure would keep Brent above $100/bbl for the remainder of 2026.