Iran reimposed control over the Strait of Hormuz on Saturday after a brief reopening failed to hold, as IRGC gunboats fired on at least one tanker and a container ship was struck by an unknown projectile, according to the UK Maritime Trade Operations Centre. At least eight oil and gas tankers had crossed by 10:30am GMT after Tehran's Friday announcement, but Iranian state TV later declared that the strait had returned to its "previous status" under strict military management, citing the continuation of a US naval blockade of Iranian ports. The breakdown exposes the central deadlock: Iran agreed to a two-week ceasefire with the US and Israel, declared on February 28, but Washington stated its port blockade would "remain in full force" until a final deal is complete. Iran's parliamentary speaker Mohammad Bagher Ghalibaf and foreign ministry spokesman Esmaeil Baqaei both described the blockade as a ceasefire violation, while Tehran's demand to impose tolls on strait traffic was explicitly rejected by Trump. AXSMarine estimates 108 to 116 million barrels of crude are currently held on vessels inside the Gulf, with a full transit taking six to eight days after a genuine reopening and several weeks to reach Asian markets. With four days left on the ceasefire, Trump told reporters aboard Air Force One that he may not extend it, and that bombing could resume. Key sticking points, uranium transfer and tolls, remain unresolved ahead of a planned US-China summit in Beijing in May.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.