The U.S. President Donald J. Trump has made a deal with Iran to suspend further attacks for two weeks on the Middle Eastern country in exchange for the reopening of the Strait of Hormuz, which handles 15% of global oil and 20% of global liquefied natural gas (LNG) supply flows.The closure of the Strait of Hormuz followed the U.S. and Israel’s attack on Iran, which started on February 28, 2026. Iran warned ships away and insurers withdrew coverage, halting tanker traffic, which spurred fears of a major energy shock, with analysts at Wood Mackenzie warning that oil prices could surpass $100 a barrel (bbl), if flows were not restored.
The company described the disruption as a dual supply shock, since exports through the critical waterway were halted and OPEC+ – encompassing Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – additional volumes and ultimately most of OPEC’s spare capacity, usually perceived as a key lever for balancing the global oil market, considered to be inaccessible while the waterway remained closed.
Based on last week’s data confirmed by the International Maritime Organization (IMO), there were 21 attacks on commercial shipping since the beginning of the conflict, resulting in the deaths of ten seafarers, with several more severely injured. In addition, around 20,000 civilian seafarers were said to be stranded aboard vessels in the Persian Gulf.