President Donald Trump announced on May 29 that the US would lift its naval blockade on Iranian ports in the Strait of Hormuz. Ships, Trump said, may start heading home.
The move comes roughly six weeks after the US established the blockade on April 13, following Iran’s decision to restrict shipping through the Strait. The Strait of Hormuz typically handles 20-25% of global seaborne oil trade.
How we got here
The chain of events traces back to February, when Iran’s Supreme Leader Ali Khamenei was assassinated. Iran responded by restricting passage through the Strait of Hormuz. The US countered with sanctions and then, on April 13 at 10 a.m. ET, established a full naval blockade on Iranian ports.
The result was billions in losses for Iran and disrupted global oil supply chains.
