Overview
- A two-week truce announced Tuesday between the United States and Iran pauses strikes in exchange for Iran allowing coordinated safe passage through the Strait of Hormuz.
- Early Wednesday brought the first, limited transits, yet more than 800 vessels remain queued on both sides of the strait as shipowners and insurers wait for clear security terms.
- Oil prices fell sharply below $100 a barrel after the announcement, with Brent and WTI posting double‑digit declines as investors priced in a tentative easing of supply risk.
- Iran is pushing to levy transit fees with Oman during the ceasefire, a move reported by AP and Reuters that faces legal hurdles under sea law and opposition from Gulf states; President Trump said the idea could even become a US–Iran “joint venture.”
- Key questions persist over who controls navigation and how the US Navy will support traffic, while Iran says sailings must coordinate with its armed forces and thousands of seafarers stuck for weeks still need safe, predictable passage.