Iran has reopened the Strait of Hormuz—but experts say it now holds a card that works ‘almost like a nuclear deterrent’

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.

Despite the strait opening, it’s unclear when commercial shippers will gain the confidence to resume normal operations. Some told the Wall Street Journal they were waiting for clearer security guarantees before resuming normal traffic, which before the war ran at around 135 vessels a day.

On the face of it, the reopening is the clearest sign yet that the two-month U.S.-Iran war is winding down. But the bigger story, according to veteran energy analysts, is the fresh leverage Iran discovered it holds in the........

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