The brief moment of relief in the global oil market has vanished as Iran announced the re-closure of the Strait of Hormuz. Following reports of over 100 Israeli airstrikes in Lebanon within just 10 minutes, Tehran retaliated by blocking the world’s most vital maritime gateway. This move comes less than 24 hours after a ceasefire was brokered, casting a dark shadow over the proposed peace talks scheduled for April 10th.

The impact on India is significant, with over 10 Indian oil vessels currently stranded in the blockade. According to the Ministry of Shipping, no vessels crossed the strait on Wednesday, raising fears of a severe fuel and LPG shortage in India. While U.S. President Donald Trump has asserted that the U.S. will take control of maritime traffic to ensure safe passage, Iran remains defiant, keeping the strait under heavy military surveillance. Furthermore, reports suggest Iran and Oman plan to impose a transit toll on ships, making the future of global energy security highly uncertain.