Iran’s military confirmed on June 11, 2026, that the Strait of Hormuz remains closed to all vessels, directly contradicting President Trump’s assertion that shipping lanes are functioning. The disagreement between Washington and Tehran over what is actually happening in one of the world’s most strategically vital waterways has created a fog-of-war situation with very real consequences for oil prices, global trade, and, increasingly, crypto markets.
The strait, which normally handles roughly 70 vessels per day, has seen traffic plummet to between 2 and 5 ships since strikes on February 28 triggered the closure.
Two governments, two realities
President Trump has claimed the US facilitated the secret movement of millions of barrels of oil through the strait under an initiative called “Project Freedom.” Iranian authorities are having none of it. Tehran maintains the waterway is sealed and has demanded the lifting of US blockades before any reopening is considered.
Oil prices have blown past $100 per barrel and hit peaks of $126 during the worst of the crisis. Crude was trading well below that threshold before the February escalation.
