As the two-week ceasefire deadline between the US and Iran expired earlier this week, President Donald Trump said the truce agreed to on April 7 would stay in place indefinitely whilst Washington waited for Iran to submit a new peace proposal. Tehran states it has no plans to take part in negotiations in the near future.

Despite the prolonged ceasefire, the US continues to maintain its naval blockade on ships entering and exiting Iranian ports, intercepting two Iranian VLCCs that attempted to evade its blockade this week. At the same time, Iran is maintaining its own blockade of the Strait, keeping it closed to almost all other international traffic. Iran demonstrated its control over the Strait this Wednesday as gunboats fired on two commercial ships, signifying that a peace deal in the near-term is unlikely. Oil prices have risen for the fourth consecutive week, as the Strait remains effectively closed to oil and gas exports. Crude and product tankers have moved to the Atlantic, as US oil exports rose to a new record last week, increasing tanker demand in the West.