Will the Strait of Hormuz Open Soon? Inside Iran's Oil Blockade Standoff: The Iran Strait of Hormuz offer arrives as oil prices hover near $108 per barrel, up almost 50% since the war began. Iran signals it may reopen the Strait of Hormuz, a route carrying nearly 20% of global oil supply. It demands the US lift its blockade and move toward ending the conflict. This Iran US tension now drives global oil market volatility and fuels inflation fears. Tankers remain stranded. Energy supply chains stay disrupted. The Iran oil blockade crisis deepens economic pressure worldwide. This makes the Iran Strait of Hormuz offer a temporary fix, not a lasting solution.