President Trump announced on May 23 that a deal with Iran has been “largely negotiated,” with the agreement set to include reopening the Strait of Hormuz. The announcement, posted on Truth Social, marks the most significant diplomatic signal yet in a standoff that has rattled global energy markets since late February.
The Strait of Hormuz handles roughly 20% of the world’s oil supply.
Months of blockades and failed ceasefires
To understand why this matters, you need to rewind to late February 2026. That’s when Iran imposed shipping restrictions through the Strait, triggering a cascade of US countermeasures including port blockades and a military operation dubbed Project Freedom.
Multiple ceasefire attempts since then have failed to produce anything lasting.
