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Fortune
Fortune
Eva Roytburg

Iran has reopened the Strait of Hormuz—but experts say Iran has a card ‘like a nuclear deterrent’

Iran Ed Morse Strait the Strait of Hormuz Jim Krane Oil Donald Trump JULIEN DE ROSA Truth Social
A person points at a page on the Marinetraffic website that shows commercial boats traffic on the edge of the Strait of Hormuz near the Iranian coast, in Paris on March 4, 2026. (Photo by JULIEN DE ROSA / AFP via Getty Images) (Credit: JULIEN DE ROSA—AFP/Getty Images)

Iran’s foreign minister declared the Strait of Hormuz “completely open” for commercial shipping on Friday, sending Brent crude down roughly $10 to around $89 a barrel within minutes and U.S. stocks to a fresh record high.

President Donald Trump quickly claimed credit on Truth Social, writing that the Strait is “COMPLETELY OPEN AND READY FOR BUSINESS”—but he made clear the U.S. naval blockade of Iranian ports isn’t going anywhere until a deal with Iran is “100% COMPLETE.” He added that the negotiation process “SHOULD GO VERY QUICKLY” because most of the points have already been worked out.

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