Trump ordered the Navy to "shoot and kill any boat" laying mines in the Strait of Hormuz and tripled minesweeping operations. The Pentagon warned clearing the mines is a six-month task. The IRGC called the shoot-to-kill order an "overt breach of ceasefire." Brent hit $105.07 (+3%). On Apr 24, the White House confirmed Witkoff and Kushner will head to Pakistan on Saturday for direct talks with Iranian FM Araghchi — the first face-to-face meeting since the Round 2 collapse. Day 56.
Shoot-to-kill order on mine-laying boats. Minesweeping tripled. Blockade stays until Iran submits a formal peace proposal. Three demands unchanged: 20-year enrichment halt, end to IRGC proxy funding, unconditional Hormuz opening. Witkoff + Kushner to Islamabad Saturday. White House: "seen some progress."
Iran has not yet submitted a formal proposal. IRGC maintaining strait control with gunboats. Counter-offer remains: 5-year enrichment pause, rights "indisputable," US must lift blockade first. Fired on two Indian tankers (Apr 18) and seized the Indian crew clearance process. Pakistan brokering seen as possible face-saving path.
Touched $101 briefly on April 21 ceasefire extension announcement, settling near $99. Full arc: $73 pre-war → $128 peak → $91 (Iran "open") → $96 (re-closure) → $98 (Touska) → $101 (extension) → $99.
WTI settled ~$95.85 on April 23 (+3%). Physical market remains tighter than benchmarks — prompt cargoes reportedly trading $20–30 above futures as spot supply stays constrained.
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.
We build standalone sites, but the stories thread together. One blockade in the Gulf — and a parallel thread on the attention economy.