Three months after the ceasefire accord between the US and Iran on April 8, which was intended to reopen the Strait of Hormuz for international shipping, the route remains largely inaccessible to commercial vessels. A conditional ceasefire persists and has been prolonged until the current discussions on nuclear and security matters are finalized, but according to a recent report from the UK House of Commons Library, there has been minimal commercial shipping activity in the strait. The US has enacted a counter-blockade on vessels attempting to access Iranian ports. This strait plays a crucial role, handling around 25 percent of the globe's maritime oil trade and 20 percent of worldwide liquefied natural gas exports, making its ongoing closure a key factor influencing global energy costs.
