The U.S.' bid to re-open the Strait of Hormuz, dubbed "Project Freedom," was nicknamed "Project Deadlock" by Iran.

The U.S.' bid to re-open the Strait of Hormuz, dubbed "Project Freedom," was nicknamed "Project Deadlock" by Iran.

A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.