Iran and US agree to two-week ceasefire in Strait of Hormuz

The United States and Iran have announced a two-week ceasefire aimed at reopening the strategic Strait of Hormuz, which had been largely blocked since February 28. Under the agreement, Iran has designated two new shipping routes near its coastline, citing the presence of mines in traditional waters. Ships entering the Persian Gulf are now required to pass between the Iranian coast and Larak Island, a route described by maritime observers as a de facto toll station. While President Donald Trump stated the US would assist in managing traffic to ensure safe passage, regional officials claim the deal may allow Iran and Oman to charge transit fees for the first time. The situation remains complex as reports from Tehran mention technical restrictions and coordination with the Revolutionary Guard Navy. Meanwhile, commercial vessel tracking has confirmed the passage of ships, including Greek-owned carriers, through these alternative routes. Global energy markets continue to face volatility as the long-term impact on oil prices remains uncertain despite the temporary de-escalation.