Iran reopened the Strait of Hormuz on Friday, sending oil prices sharply lower. By Saturday, that optimism had collapsed.
Iran’s Islamic Revolutionary Guard Corps announced it had retaken control of the waterway, citing the US refusal to lift its naval blockade. Hours later, a British maritime group reported that Iranian gunboats approached a tanker without radio warning and opened fire. The tanker and crew were reported safe.
The Strait of Hormuz carries roughly a fifth of the world’s oil and liquefied natural gas. It has been closed since the US-Israel war on Iran began in February.
Oil prices fell 13% immediately after Friday’s reopening announcement, closing down 9% below $90 a barrel — the lowest since late March. Stocks also rallied on hopes the war could end soon.
President Trump said Friday that Iran had agreed to suspend its nuclear program indefinitely and that “most of the main points” in negotiations were finalized. He also said the US naval blockade would stay in place until a deal is signed.
HORMUZ IN TURMOIL: IRAN SIGNALS CLOSURE AFTER CLAIMING PASSAGE OPEN
Iran has told ships in the Strait of Hormuz that the critical oil and gas route is closed—just a day after saying it remained open, according to vessel owners in the area.
Confusion is spreading across the…
— *Walter Bloomberg (@DeItaone) April 18, 2026
Iran pushed back quickly. The country’s Foreign Ministry said enriched uranium “is as sacred to us as Iran’s soil, and it won’t be transferred anywhere under any circumstances.”
Iran’s Parliament Speaker posted on X that Trump had made “seven claims in one hour, all seven of which were false,” and warned the strait would not stay open while the blockade continued.
Iran’s Supreme Leader also issued a statement on National Army Day, saying Iran’s navy “stands ready to make enemies taste the bitterness of new defeats.”
The US has ordered 23 ships to turn around since the blockade began, according to US Central Command.
One proposal being discussed involves the US releasing $20 billion in frozen Iranian funds in exchange for Iran surrendering its enriched uranium stockpile. Trump denied this in a phone interview, saying “no” repeatedly when asked about it.
Israel struck targets in southern Lebanon on Saturday, saying it hit “saboteurs” who had violated the existing truce. The Lebanon ceasefire had been seen as connected to Iran’s decision to reopen Hormuz.
The developments add pressure to peace talks that were already fragile. A first round of direct US-Iran talks in Pakistan last week ended without an agreement. Pakistani and US officials said another round was being planned.
Trump told Bloomberg he may travel to Pakistan to sign an agreement. Iran said it had not yet agreed to further negotiations.
Several oil tankers made U-turns Saturday after appearing to attempt transit of the strait. Many analysts said shippers and insurers would remain cautious given the ongoing uncertainty.
Oil futures resume trading Sunday.
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