Iran’s grip on the Strait of Hormuz has jolted the world economy, causing a spike in fuel prices that has rippled through other sectors with effects far beyond the Middle East. It has also left tens of thousands of mariners and hundreds of ships stranded in the Persian Gulf.

Top U.S. officials said Tuesday that the ceasefire with Iran has not ended, despite exchanges of fire in the Strait of Hormuz. Both Rubio and Hegseth said the U.S. was in a new phase of operations designed to ensure safe passage for commercial vessels stuck in the Persian Gulf.

French President Emmanuel Macron on Wednesday called for the Strait of Hormuz to reopen, as its closure has left oil and other cargo vessels stranded for two months amid a fragile ceasefire between the U.

China urged Iran to reopen the Strait of Hormuz and end the war with the US and Israel on Wednesday after the Trump administration called for Beijing’s help in the matter. During their meeting in Beijing,

Iran has offered to end its control over the Strait of Hormuz if the U.S. lifts its blockade and ends the war. That's according to regional officials.

China’s foreign minister Wang Yi has urged Iran to reopen the Strait of Hormuz “as soon as possible” during talks in Beijing with Iranian foreign minister Abbas Araghchi. The meeting comes as Washington openly calls on Beijing to use its influence ...

China’s top diplomat also warned against the restarting of hostilities as he met with Iran’s foreign minister. The U.S. has urged China to pressure Iran to reopen the waterway.

Iran says the Strait of Hormuz is fully open to commercial vessels. But President Donald Trump says the American blockade on Iranian ships and ports will stay in force until Tehran reaches a deal with the U.

June WTI crude oil (CLM26 ) on Thursday closed down -0.27 (-0.28%), and June RBOB gasoline (RBM26 ) closed down -0.0033 (-0.10%). Crude oil and gasoline prices closed lower on Thursday on optimism that a US-Iran peace deal is imminent.