Iran Recloses Strait of Hormuz Amid US Blockade

The Strait of Hormuz has been reopened and then closed again by Iran amid escalating tensions with the United States following failed peace talks. The U.S.-sanctioned Chinese tanker Rich Starry, carrying about 250,000 barrels of methanol, returned to the Strait on April 15 after exiting the Gulf a day earlier.

The Strait of Hormuz is critical for global energy supplies, handling approximately 20% of the world's oil and liquefied natural gas flows. Iran initially declared the strait closed again after accusing the U.S. government of failing to fulfill its commitments in negotiations. The Islamic Revolutionary Guard Corps (IRGC) reimposed restrictions on the Strait of Hormuz less than 24 hours after reopening it due to a continuing naval blockade of Iranian ports by the US.

Shipping companies are seeking clarifications about risks such as mines and other conditions before vessels move through the strait. The International Maritime Organization is verifying Iran's announcement for compliance with freedom of navigation principles. Meanwhile, hundreds of ships and 20,000 seafarers remain stranded inside the Gulf waiting to pass through the Strait.

The situation escalated as a convoy of eight tankers transited the Strait of Hormuz on Saturday in the first major movement of ships since the US-Israeli war on Iran began seven weeks ago. Despite this, Iran said it was reimposing strict military controls on the vital route, citing repeated US violations and acts of 'piracy' under the guise of a blockade.

At least two merchant vessels reported they were hit by gunfire as they attempted to cross the Strait of Hormuz. The UK Maritime Traffic Organization (UKMTO) said a tanker captain reported being approached by two IRGC gunboats about 20 nautical miles off the coast of Oman, with no prior radio warning. Another container ship was hit by an unknown projectile causing damage to some containers about 25 nautical miles off the coast of Oman.

U.S. President Donald Trump announced a blockade on Sunday after peace talks between the U.S. and Iran failed to reach a deal. Despite this blockade, at least eight ships, including three Iran-linked tankers, crossed the Strait of Hormuz on Tuesday. The Rich Starry would be the first to make it through the strait and exit the Gulf since the blockade began.

Iran's Foreign Minister Abbas Araghchi initially stated that 'The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.' This announcement led to a plunge in oil prices, with Brent crude falling from above $98 to $88. Global markets rallied on Iran's announcement, with the S&P 500 index closing up 1.2%, and both the Cac index in Paris and Dax in Frankfurt ending around 2% up.

However, Iran later reversed its decision, citing a continued U.S. blockade of Iranian ports as the reason for reclosing the strait. This reversal came after Trump stated that the U.S. naval blockade would remain in full force until a comprehensive deal with Iran was reached. The conflicting statements from both sides have created uncertainty and deterred many vessels from attempting to transit through the Strait.

The renewed impasse has led to heightened tensions, with Iran threatening further military actions if the U.S. continues its blockade. Meanwhile, shipping companies are awaiting clarifications on safety measures before resuming operations in the Strait of Hormuz.