The brief hope of resuming transit through the Strait of Hormuz was extinguished when Iran reinstated strict control over the important maritime route just hours after announcing its reopening.
A twist of fate
The strategic waterway, which carries approximately one-fifth of the world's liquefied natural gas (LNG) supply, witnessed an attempted passage by a wave of tankers on Saturday.
Iranian Foreign Minister Abbas Araghchi's statement on Friday that the strait was "completely open" in accordance with the ceasefire in Lebanon prompted attempts to pass through.
However, this optimism was short-lived.
Shipping data and maritime security reports confirmed that Iranian patrol boats intercepted and fired on several commercial vessels, including at least one container ship and a tanker, without prior radio communication.
The sudden reversal came after US President Donald Trump clarified that, despite diplomatic gestures, the US naval blockade of Iranian ports would remain "in full force."
Tehran quickly struck back, with Iranian security officials stating that they would view the ongoing US blockade as a violation of the ceasefire, effectively nullifying the temporary opening of the strait.
Supply chains have been halted
The resulting confusion has forced several LNG tankers loaded in Qatar to turn back or idle in the Persian Gulf, halting what could have been the first significant transit of gas cargo since the conflict began in late February.
The de facto closure of the waterway continues to create significant supply bottlenecks, particularly for emerging Asian markets that heavily rely on oil and gas supplies for their energy security.
Analysts warn that the conflicting signals from Washington and Tehran are exacerbating an already volatile situation.
As insurance companies remain wary of the constant threat of attacks, mines, and interceptions, the Strait's "high-risk" status persists, leaving global energy markets and the supply of vital fuel in a state of deep uncertainty.