Well, the weird thing about the start of this war was that Iran got *increased revenue* from its oil:

Once Iran, entirely predictably, started to block Hormuz to "unfriendly countries' ships" (a fuzzy notion that excludes or has excluded at times Russia, China, Pakistan, India and some others) oil prices started to go up.

Trump at that point wanted to tamper the oil price back down so announced a relaxation of first, Russian oil sanctions and second, and bizarrely *Iranian* oil sanctions.

Then we get the ceasefire, but Iran puts in place the "toll booth" whereby tankers have to transit Hormuz through Iranian territorial waters and, at least in some cases, pay a $1-2M fee to be let through.

#### The situation immediately after the start of the cease-fire.

Iran-friendly ships are let through, Iranian oil benefits from a premium and most non-Iran oil is still stuck in the Gulf.  This is another unwelcome development.  It's a blockade, by Iran, but selective so that it can still make money.

#### The "solution"?  

Add another blockade, this time further out, not in Hormuz proper, at the entrance to the Gulf of Oman.  Ships "affiliated with Iran" or at least coming from Iranian ports are impeded, by the Americans, not the Iranians.  So, in theory, no more Iranian profits.

#### The problem left over 

- Ships will not be seized by the US Navy if transiting in Pakistani or Indian territorial waters.

- The US will also find it difficult to risk going after Chinese or Indian-flagged ships.

  - but they have been pretty good at intercepting "dark fleet", falsely flagged tankers.  

- Generally speaking, on the US side of things, ships have been either

     - left alone (there are widely differing accounts of how many are making it through)
     - told to turn back
     - herded off to holding areas (more the dark fleet ships than others)
     - fired up on rare occasions.

- The overall oil supply is even more constrained than previously.

[What's going on with Shipping?  on April 26th, 2026](https://www.youtube.com/watch?v=w2nJH8D4p18) offers the qualified opinion that the US's doubled-up blockade is probably working to pressure Iran.  While the channel is run by an American who covers shipping matters in depth, he is quite critical of Trump's war planning, so his assessment that it might be working and is not the stupidest idea embarked on so far by Trump in this war shouldn't be dismissed out of hand, I think.