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Tanker sits anchored as Iran vows to close the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 7, 2026.
Benoit Tessier/Reuters
Global energy prices collapsed on Friday morning following an announcement from Iranian Foreign Minister Abbas Araghchi that “passage for all commercial vessels through the Strait of Hormuz” is now “completely open.”
The move signals the implosion of Iran’s overly ambitious “toll booth” strategy, but it does not represent an acknowledgment by Tehran that it does not and will not control traffic through the Strait.
About the Author
Noah Rothman is a senior writer at National Review. His third book, Blood and Progress: A Century of Left-Wing Violence, was published by Hachette in May 2026.
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Global energy prices collapsed on Friday morning following an announcement from Iranian Foreign Minister Abbas Araghchi that “passage for all commercial vessels through the Strait of Hormuz” is now “completely open.”
The move signals the implosion of Iran’s overly ambitious “toll booth” strategy, but it does not represent an acknowledgment by Tehran that it does not and will not control traffic through the Strait.
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About the Author
Noah Rothman is a senior writer at National Review. His third book, Blood and Progress: A Century of Left-Wing Violence, was published by Hachette in May 2026.
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