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2d ago

Fragile U.S.–Iran Ceasefire Falters With Hormuz Still Restricted After Israeli Strikes in Lebanon

Negotiators head to Pakistan under a two-week truce with disputed terms.

A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)
Image
A cargo ship in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo
FILE - Two police officers walk in front of an anti-U.S. billboard depicting American aircraft being caught by Iranian armed forces in a fishing net beneath the words in Farsi, "The Strait of Hormuz will remain closed, The entire Persian Gulf is our hunting ground," in Tehran, Iran, Sunday, April 5, 2026. (AP Photo/Vahid Salemi, File)

Overview

  • Global markets swung after President Donald Trump announced a two-week U.S.–Iran ceasefire Tuesday night, with crude falling roughly 14%–16% and Dow futures jumping more than 1,000 points on Wednesday.
  • Iran said ships could move under its military oversight, yet tankers reported the strait was still closed or required IRGC permission, and marine trackers showed only a trickle of transits since the announcement.
  • Israeli strikes in Lebanon continued on Wednesday in what Israel called its largest wave of the war, and Iran accused Washington of breaking the deal as officials warned shipping faced sea-mine risk and new “danger zones.”
  • Talks are shifting to Islamabad as early as Friday, with U.S. Vice President JD Vance leading a team to confront gaps between Iran’s 10-point demands and a separate U.S. framework that differ on enrichment, sanctions and control of Hormuz.
  • Energy relief looks slow because damaged Gulf facilities and stranded fleets will take months to clear, with Lloyd’s List counting about 800 ships stuck and Asian spot oil and LNG prices still elevated as insurers and financiers hold back.