Shipowners are scrambling to understand the fine print in a ceasefire that could temporarily open up the Strait of Hormuz, hoping to take advantage of a potential window to extract more than 800 vessels trapped in the Persian Gulf.
The near-closure of the vital waterway for weeks has created an unprecedented global energy supply crunch, as Iran tightened its control in the aftermath of U.S. and Israeli strikes. Unable to guarantee the safety of thousands of seafarers and their cargoes after multiple attacks, vessels have instead been loitering on either side and traffic has slowed to a trickle.
Hours before a deadline set by U.S. President Donald Trump ran out, the two sides on Tuesday agreed a ceasefire in exchange for a reopening of the strait. Details remain murky, though: Iran says it has agreed to two weeks of safe passage in coordination with its armed forces and within ¡°technical limitations,¡±?while Trump announced a ¡°COMPLETE, IMMEDIATE, and SAFE OPENING.¡±?It is unclear if the two have settled on payments, or when the truce takes effect.
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