#strait-of-hormuz-maritime-security

#strait-of-hormuz-maritime-security

"With that corridor uncertain, itineraries have been cancelled and future plans are on hold."

The Treasury Department posted the license on its website late Friday, allowing countries to purchase Russian oil loaded on vessels from Friday through May 16.

The price for a barrel of benchmark U.S. crude plunged immediately after Iran's foreign minister, Abbas Araghchi, posted on X that the passage for all commercial vessels through the strait 'is declared completely open' as a ceasefire appears to be holding in Lebanon.

President Trump stated that Iran's naval forces were 'lying at the bottom of the sea' and warned that any ships approaching the blockade would be 'immediately ELIMINATED.' He compared the blockade enforcement to US counter-narcotics operations at sea.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

The reopening of Hormuz is critical to the world's oil trade because its closure has resulted in the loss of millions of barrels of supply to global markets. A resumption would alleviate pressure on increasingly tight physical markets everywhere.