The Strait of Hormuz is 34 miles wide at its narrowest point. Through it passes approximately 20 percent of the world’s oil supply — a corridor that functions as the circulatory system of the global economy.
On 8 April 2026, after weeks of US strikes on Iranian targets and Iran’s closure of the strait in retaliation, the United States and Iran agreed to a two-week ceasefire mediated by Pakistan. The terms required Iran to allow safe passage through Hormuz; the United States agreed to pause its bombing campaign. Within hours of the announcement, the first vessels began transiting again — the Greek-owned bulk carrier NJ Earth and the Liberia-flagged Daytona Beach among them, according to ship-tracking service MarineTraffic.
Six weeks on, the ceasefire technically holds, but holding is not the same as resolved. President Trump has publicly raised concerns about Iran’s adherence to the terms, alleging that Tehran is “doing a very poor job” allowing oil shipments and warning that reports of Iran charging tolls on passing tankers will not be tolerated. Iran has accused the United States of maintaining a de facto naval blockade on Iranian ports — a stance the United States has not officially renounced.
The underlying disputes remain structurally unresolved. Iran’s enriched uranium stockpile, its support for regional armed groups, and its broader strategic posture have not changed. Israel remains publicly opposed to any agreement that does not include the dismantling of Iran’s nuclear enrichment sites. Israeli Prime Minister Netanyahu has authorised direct negotiations with Lebanon over the disarmament of Hezbollah, but has made clear that Israeli operations against Hezbollah will continue regardless of any ceasefire.
For markets, the resumption of shipping has restored most of the pre-conflict order. Brent crude, which spiked above $100 during the closure, has settled in the low $90s. But the underlying fragility has not been priced out. Hundreds of vessels remain in the area — over 400 tankers, 34 LPG carriers, and 19 LNG vessels by recent counts — many of which were effectively stranded during the disruption and are still working through the backlog.
The Waypoint will track this story not through the lens of any nation’s interests, but through the lens of what it means for the world.
— Sources: Al Jazeera, House of Commons Library (UK), MarineTraffic, NewsOnAir