U.S. military escorts more oil through Hormuz as Trump rejects Iran ceasefire offer
President Trump dismissed Iran's latest proposal for a seven-day ceasefire and reopening of the Strait of Hormuz. The U.S. naval blockade remains, but American forces are helping tankers transit the strait, with Tanker Trackers estimating 13 million barrels per day now exit the blockade line. That figure has doubled in less than a month, partly as Saudi Arabia resumes Persian Gulf shipments.
Tehran reportedly proposed a seven-day truce that would have restored full passage through the waterway and restarted nuclear negotiations. In exchange, Washington would have removed its naval blockade, released frozen Iranian assets, and ended sanctions on Iranian oil sales. Trump called the offer unacceptable.
More crude is now leaving the Persian Gulf. Tanker Trackers put flows past the U.S. blockade line at 13 million barrels daily, double the level from under a month earlier. Saudi Arabia has resumed Gulf shipments, while daylight passages aided by U.S. Central Command have increased. Rory Johnston’s seven-day average was about 13.5 million barrels daily, still below prewar volumes.
Higher shipping and insurance costs may keep fuel prices elevated, affecting households, transport, and businesses reliant on energy. Gulf exporters and tanker operators could face continued risk premiums, while Iran’s economy may feel more pressure from sanctions and blockade. If flows remain below prewar levels, global reserves could keep falling, leaving markets more vulnerable to new disruptions. Diplomatic or military shifts may alter these effects.