US effort to reopen Strait of Hormuz suspended
Trump has sought to increase pressure on Tehran after suspending on Tuesday a short-lived U.S. effort, dubbed Project Freedom, to force open a safe passage for commercial ships through the Strait of Hormuz.
Only two American-flagged merchant ships are known to have passed through the U.S.-guarded route after it opened Monday. The U.S. military said it sank six Iranian small boats threatening civilian ships.
Hundreds of merchant ships remain bottled up in the Persian Gulf, unable to reach the open sea without passing through the Strait of Hormuz. The strait's closure has sent fuel prices skyrocketing, rattled the global economy and put enormous economic pressure on countries, including major powers such as China.
Hapag-Lloyd, one of the world’s largest shipping companies, said in a statement that the strait’s shutdown is costing it around $60 million per week, with rising fuel and insurance costs hitting particularly hard.
On Thursday, the price of Brent crude oil stabilized at around $100 a barrel as investors waited to see whether the strait would reopen.
Meanwhile, French President Emmanuel Macron said Wednesday that France’s aircraft carrier strike group was moving into the Red Sea in preparation for a potential French-British mission to restore maritime security in the Strait of Hormuz as soon as conditions allow.
China’s foreign minister called for a comprehensive ceasefire Wednesday after meeting in Beijing with Iranian Foreign Minister Abbas Araghchi. Wang Yi said his country was “deeply distressed” by the conflict.
China’s close economic and political ties to Tehran give it a unique position of influence. The Trump administration is pressing China to use that relationship to urge the Islamic Republic to open the strait.
An Iranian tugboat floats in the foreground as cargo ships sit at anchor in the Strait of Hormuz off Bandar Abbas, Iran, Monday, May 4, 2026. Credit: AP/Amirhosein Khorgooi
Iranian envoy visits China ahead of Trump
Araghchi’s visit to China came ahead of a planned trip to Beijing by Trump, who is scheduled to attend a high-profile summit on May 14-15 with Chinese President Xi Jinping. Trump was the last U.S. president to visit China in 2017.
Araghchi told Iranian state TV that his visit included discussions about the Strait of Hormuz, Iran’s nuclear program and sanctions imposed on Tehran.
Trump has demanded a major rollback of Tehran’s disputed nuclear program.
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