A fragile ceasefire that’s mostly quieted the skies over the Middle East isn’t giving shippers the nerve to brave the narrow waterway that holds the key to 20% of the world’s oil supply.

The US president has accused Iran of "doing a very poor job" with the waterway and said Tehran "better not be" charging fees to oil tankers.

Traffic through the Strait of Hormuz has yet to see a meaningful rebound and this could continue for weeks, warn shipping experts.

South Korea will send a special envoy to Iran as Seoul ramps up efforts to secure safe passage for dozens of its ships that have been stranded in the Strait of Hormuz for weeks, with traffic through the key waterway still severely constrained despite the US-Iran ceasefire.

The U.N.'s shipping agency warned on Thursday that any toll imposed on ships passing through the Strait of Hormuz would set a "dangerous precedent."

Iranian Deputy Foreign Minister Saeed Khatibzadeh informed the world that Tehran would open the Strait of Hormuz in a limited

US President Donald Trump said oil would begin flowing “very quickly” with or without Iran, signalling confidence in global supply. In a Truth Social post, he stressed it “makes no difference” whether Tehran cooperates, amid rising tensions over the Strait of Hormuz. US Iran live news: Israel continues strikes on Lebanon, ceasefire tensions mount

The Iranian Navy has issued new threats to oil tankers attempting to transit the strait of Hormuz, The Wall Street Journal reported Wednesday.