President Trump said the Strait of Hormuz will reopen “quickly” once a deal with Iran is finalized, signaling that months of blockaded shipping through the world’s most important oil corridor could soon come to an end.
The strait, which has been largely blocked since late February 2026, handles around 25% of global oil shipments. Its closure pushed oil prices above $100 per barrel and sent shockwaves through every market that cares about energy costs.
What’s on the table
US and Iranian negotiators have outlined a framework for a 60-day ceasefire that would allow unrestricted shipping and the resumption of Iranian oil sales. The deal is also designed to open the door for broader talks on Iran’s nuclear program.
A framework is not a signed agreement. Trump has yet to give final approval, and Iran’s confirmation remains pending.
