Two-week ceasefire deal putting Strait of Hormuz back in business
The U.S. President Donald J. Trump has made a deal with Iran to suspend further attacks for two weeks on the Middle Eastern country in exchange for the reopening of the Strait of Hormuz, which handles 15% of global oil and 20% of global liquefied natural gas (LNG) supply flows.
The closure of the Strait of Hormuz followed the U.S. and Israel’s attack on Iran, which started on February 28, 2026. Iran warned ships away and insurers withdrew coverage, halting tanker traffic, which spurred fears of a major energy shock, with analysts at Wood Mackenzie warning that oil prices could surpass $100 a barrel (bbl), if flows were not restored.
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Middle East conflict: Energy security risks and price shocks as market volatility hits supply
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