More than two months into the war in Iran, navigation through the Strait of Hormuz – the key waterway through which more than a third of the international trade in oil and gas passes – remains perilous and uncertain. Underscoring the uncertainty, on May 3, 2026, the Trump administration launched Project Freedom to help stranded ships through the strait. Yet the next day, at least two ships came under fire from Iran.
Iran began blocking the strait to navigation on Feb. 28, after the United States and Israel launched a military campaign against the country. By mid-March, Tehran was demanding tolls of up to US$2 million per vessel. In response, the U.S. imposed what President Donald Trump declared to be a “complete” maritime blockade on Iran and subsequently threatened punishing economic sanctions on any entity that pays Iran’s tolls.
