Energy

Shipowners Eye Hormuz Truce With 800 Vessels Still Trapped

WATCH: The oil market has been roiled by the Iran war, with prices swinging wildly. For regions most dependent on Gulf exports, the strain is already apparent, with wider, global implications on the horizon.Source: Bloomberg

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By Weilun Soon

April 8, 2026 at 1:55 AM UTC

Updated on

April 8, 2026 at 8:27 AM UTC

Shipowners are rushing to understand the fine print of a US-Iran ceasefire that could temporarily unblock the Strait of Hormuz and, at least in theory, provide an exit window for more than 800 vessels trapped in the Persian Gulf.

The vital waterway has been virtually closed since US and Israeli strikes at the end of February prompted Iran to tighten its control, triggering an unprecedented energy-supply crunch. Then, hours before a deadline set by President Donald Trump ran out during the US evening on Tuesday, the two sides agreed a truce in exchange for a reopening.