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WASHINGTON — The Strait of Hormuz is closed once more, raising fresh concerns about global oil supplies as tensions between the United States and Iran remain highly volatile and undpredictable.
Traders are bracing for another turbulent day on energy markets as the on-again, off-again status of the critical shipping route adds renewed uncertainty to crude prices and global supply chains.
West Texas Intermediate crude fell into the low $80 range on Friday after reports the strait had briefly reopened, but analysts say prices could climb again as the latest closure takes hold and markets price in renewed disruption.
The rapid reversal reflects a broader pattern seen since Feb. 28, when the United States and Israel launched coordinated strikes on Iranian targets, triggering a regional conflict that has repeatedly upended expectations for oil flows and market stability.
Since then, the Strait of Hormuz — a narrow waterway that carries roughly one-fifth of the world’s oil supply — has shifted between partial openings, military restrictions and near-total shutdowns, with shipping traffic at times dropping to almost zero.
Iran’s Islamic Revolutionary Guard Corps said it had once again reimposed control over the strait, citing the continued U.S. naval blockade of Iranian ports, which Tehran argues violates the terms of a fragile ceasefire.
The move came just hours after U.S. President Donald Trump said the strait was “fully open,” underscoring the gap between political messaging and operational realities on the water.
Shipping data shows the uncertainty is already affecting vessel movement, with some tankers attempting to transit while others turned back, leaving hundreds of ships waiting in the Gulf for clearer conditions.
The conflict, now in its eighth week, has already produced what analysts describe as one of the largest disruptions to global energy supplies in modern history, fuelling sharp swings in oil prices, inflation concerns and broader market volatility.
Efforts to stabilize the situation have yielded limited results. While both Washington and Tehran have signalled progress in talks, major disagreements remain over Iran’s nuclear program, maritime access and the U.S. blockade.
U.S. officials say a new round of negotiations is expected in Pakistan, even as both sides continue to exchange threats and military pressure in the region.
With a ceasefire deadline approaching and no clear agreement in place, analysts warn the situation in the Strait of Hormuz could continue to shift rapidly, leaving global energy markets highly sensitive to even minor developments.
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