Tankers are moving again. After weeks of blockade chatter and war premiums, Iran declared the Strait of Hormuz “completely open” and the Trump ceasefire held. Brent cratered double digits, stocks hit new highs, and global trade got its best week of the year.
Iran says commercial traffic can flow through Hormuz for the remainder of the ceasefire. Trump welcomed the gesture but kept the US naval blockade in place until a deal is signed. Oil, insurance and Europe’s jet fuel clock are all still telling a different story.
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The U.S. Navy began enforcing a complete blockade of Iranian ports on April 13 after weekend peace negotiations collapsed in Islamabad, threatening to close the Strait of Hormuz and sending oil prices past $102 per barrel in the most significant escalation of the six-week conflict.
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Trump’s personal attack on Pope Leo XIV over the Iran war reopens a critical breach with Catholic voters and exposes his contempt for moral authority he cannot control, a gamble that could cost him support in the 2026 midterms.
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