finance
US-Iran Ceasefire Takes Effect Amid Strait of Hormuz Traffic Uncertainty and Israeli Actions
The United States and Iran agreed to a two-week ceasefire on April 7, 2026, aimed at reopening the Strait of Hormuz, a key route for 20% of global oil supply. Initial ship passages occurred, but traffic remains low due to Iranian coordination requirements and toll demands. Iran halted oil tanker movements following reported Israeli ceasefire violations, including strikes in Lebanon.
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U.S. attacks in exchange for the complete, immediate, and safe opening of the Strait of Hormuz. The strait, which handles about 20% of the world's oil supply, had seen traffic drop to a handful of vessels per day since the war began on February 28, 2026.
The first vessels to pass through since the ceasefire were the Greek-owned bulk carrier NJ Earth and the Liberia-flagged bulk carrier Daytona Beach, both carrying dry cargo rather than oil, according to MarineTraffic data. Traffic through the strait has not significantly increased post-ceasefire.
Experts note that volumes remain 90% below pre-war levels, with only 72 vessels transiting during the week of March 30 to April 5, the busiest period since the conflict started.
Approximately 80% of those ships were connected to Iran, and 13% were owned by China, per Lloyd's List data.
requires vessels to coordinate passage with its Armed Forces and adhere to technical limitations.
The country plans to inspect each ship for weapons and demand tolls from shipping firms for oil tankers, payable in cryptocurrency, according to a spokesperson for Iran's oil, gas, and petrochemical products cited by the Financial Times. A marine insurance executive expressed concern over these tolls as a potential barrier to normalized traffic. U.S.
officials confirmed the strait's openness following diplomatic negotiations. Defense Secretary Pete Hegseth stated at a press briefing that the path for ships is clear, while Joint Chiefs of Staff Chairman Dan Caine affirmed this based on the agreement.
“The strait is open.”
