As of April 18, 2023, the Strait of Hormuz is closed to commercial traffic due to escalating tensions between the United States and Iran. Despite an earlier announcement by Iran's Foreign Minister declaring the strait open during a ceasefire, the Islamic Revolutionary Guard Corps (IRGC) quickly reversed this decision, citing a US naval blockade as a breach of the ceasefire. This closure has led to hundreds of tankers and commercial vessels turning back or anchoring outside the strait, with reports of Iranian gunboats firing on merchant ships, including those flagged by India. The ongoing standoff is characterized by a transactional dispute, with the US insisting on maintaining the blockade until a comprehensive peace deal is reached, while Iran views the blockade as maritime piracy. The situation poses significant risks to global oil supply, given that the strait is a critical chokepoint for about 20% of the world's oil. In response to these tensions, the UK and France are planning a multinational mission to ensure safe navigation once conditions permit.