While a ceasefire remain in place, it would seem that the US and Iran is no closer to a firm peace agreement, and therefore the Strait of Hormuz is still closed, with only a trickle of cargo ships passing through the vital waterway in recent days.
Oil prices have been fluctuating wildly, as the world has responded to the seemingly erratic messaging from both parties in the way, but the overall trend is clear.
As the BBC reports, crude oil barrel prices rose today with almost 7% to $126.31, a historic high not seen since 2022, and that was then triggered by Russia's invasion of Ukraine. This is in reaction to more military activity happening in Iran, as the ceasefire might not hold much longer.
US Central Command has apparently prepared a plan for a wave of what is described as "short and powerful strikes" on Iran, in an attempt to break the current deadlock, as reported by Axios.
About 20% of the world's oil and liquefied natural gas (LNG) usually passes through the strait.