ICYMI, this from the Financial Times earlier. Iran said “non-hostile vessels” may transit Hormuz with coordination, signalling controlled access rather than full closure, as thousands of ships remain stalled amid rising regional tensions.Summary:Iran says “non-hostile vessels” can transit Hormuz with coordination.Communication sent to International Maritime Organization members.Tehran signals conditional access rather than full closure.~3,200 ships reportedly stuck amid heightened risk.Highlights growing disruption and control over key oil chokepoint.Iran has signalled a conditional approach to shipping through the Strait of Hormuz, stating that “non-hostile vessels” may be allowed to transit the critical waterway, provided they coordinate with Iranian authorities.The message was reportedly communicated to member states of the International Maritime Organization (IMO) via a formal letter, according to the Financial Times. In the correspondence, Iran’s foreign ministry said it had taken “necessary and proportionate measures” to prevent what it described as aggressors from using the Strait to support hostile operations.The language suggests Tehran is not moving toward a blanket closure of Hormuz, but rather attempting to assert control over maritime access, effectively introducing a permission-based transit regime. This represents a significant shift in risk dynamics, as it raises uncertainty over which vessels may be deemed “non-hostile” and how such determinations would be enforced in practice.The development comes as shipping disruption in the region intensifies. The IMO recently convened an emergency meeting to address the deteriorating situation, with reports indicating that around 3,200 vessels are currently stalled in the Gulf, reluctant to navigate the narrow Strait amid escalating tensions.The Strait of Hormuz remains one of the world’s most critical energy chokepoints, accounting for roughly one-fifth of global oil flows. Any disruption—whether through outright closure or controlled access—has immediate implications for global supply chains, tanker rates and insurance costs.For markets, the key takeaway is that Iran appears to be moving toward a strategy of selective restriction rather than full blockade. While this may reduce the likelihood of an outright shutdown scenario, it still represents a material escalation in operational risk, as uncertainty around transit permissions could significantly hinder shipping flows.In combination with broader geopolitical tensions and conflicting ceasefire signals, the situation reinforces a highly fragile environment for energy markets, where pricing remains extremely sensitive to incremental developments around Hormuz access and enforcement.---Since this news the ceasefire chatter happened:Oil falls on report of possible one-month ceasefire under Witkoff-Kushner planUS-Iran ceasefire proposal is complex, 15 points need to be agreed. Hormuz would open.Oil steady as US-Iran ceasefire talks face Israel uncertainty and broader Iran demands.... but:Israel expands conflict footprint with strike on key Russia–Iran Caspian supply route.US to deploy 3,000 82nd Airborne troops to Gulf amid Iran war This article was written by Eamonn Sheridan at investinglive.com.