The USS Gerald R. Ford returned to the Middle East region, according to two US defense officials cited by the Associated Press on Friday.
The carrier, which recently been operating in the eastern Mediterranean, transited the Suez Canal along with two destroyers - USS Mahan and USS Winston S. Churchill - and is now in the Red Sea.
Iran told mediators that it will continue limiting vessel traffic through the Strait of Hormuz even after a US-brokered ceasefire, according to reporting by The Wall Street Journal.
Under the reported plan, only a limited number of commercial ships would be allowed to pass each day, with coordination required through Iran’s Islamic Revolutionary Guard Corps (IRGC). Ships would also be subject to transit fees or tolls.
The report says Iran is presenting the system as part of a post-deal maritime arrangement, while retaining the ability to block vessels it considers hostile.
For decades the IRGC relied on its ability to threaten closure of the Strait of Hormuz as its premier economic shield and golden get out of jail card.
Roughly 21 million barrels per day of oil and petroleum products normally transit the strait. That volume accounts for one fifth of global petroleum liquids consumption and one quarter of all seaborne traded oil.
Yet the destinations of those flows expose the asymmetry that ultimately doomed the strategy.
In the first half of 2025 ~89% percent of crude oil and condensate flowed eastward to Asian markets.
China absorbed 37.7 percent of the total followed by India at 14.7 percent South Korea at 12 percent Japan at 10.9 percent and other Asian buyers at 13.9 percent.
Europe received just 3.8 percent and the United States only 2.5 percent. The IRGC was never holding the West hostage. It holds the East.
By throttling traffic during the conflict the regime exercised its only economic "card". Ship transits collapsed to under ten percent of normal levels even after the ceasefire. Insurance rates soared and oil prices spiked.
The move they thought would delivered short term tactical breathing room and helped force negotiations. Yet the decision transformed a potent deterrent into a wasting asset.
The primary victims were Asian importers especially China and India. Those nations faced immediate cost spikes and supply uncertainty.
Beijing responded by drawing down its strategic petroleum reserve which covers more than four months of imports while accelerating purchases of Russian African and Latin American crude.
India pursued parallel diversification.
More critically Persian Gulf producers gained the political urgency and capital they needed to lock in permanent bypass infrastructure.
Saudi Arabia ramped its East West Petroline to near its seven million barrels per day capacity routing crude to Red Sea terminals at Yanbu.
The United Arab Emirates expanded the Abu Dhabi Crude Oil Pipeline to Fujairah on the Gulf of Oman. Additional overland proposals and expanded export terminals emerged almost immediately.
Once those routes reach commercial scale the strait loses its status as a global chokepoint. It becomes a regional inconvenience whose disruption matters far less to the broader market.
Simultaneously United States crude exports have surged to a record 4.9 million barrels per day in April 2026 with forecasts pointing toward five million or higher in coming months. That volume covers roughly 23 percent of normal full Hormuz traffic and about one third of the crude and condensate segment.
Asian refiners have redirected demand toward US Gulf Coast barrels to fill the shortfall from Middle East shut ins estimated at 7.5 to 9.1 million barrels per day. The surge not only caps price spikes but also cements American producers as the flexible swing supplier to Asia.
This development accelerates the very diversification that erodes Iranian leverage.
The one year five year and ten year horizons reveal starkly divergent outcomes.
For IRGC the picture darkens at every stage. In the first year oil revenues collapse despite temporary price spikes because export volumes remain minimal. The economy already contracting from war damage and sanctions faces hyperinflation in food prices and widespread shortages.
Over five years bypass pipelines and alternative supply chains become permanent fixtures. Petrodollar inflows never recover and sanctions compound the isolation.
By year ten Iran confronts structural marginalization as a secondary supplier at best. Internal pressures from economic rot and factional rivalry mount inexorably.
The regime is forced to move first. It cannot sustain years of revenue denial while rivals reroute around it. Diplomatic capitulation or escalated domestic repression becomes inevitable well before the five year mark.
China absorbs the heaviest short term pain yet emerges stronger. Higher import costs slow some refinery runs in the first year but strategic reserves Russian pipelines and surging United States imports prevent outright shortages.
Over five years Beijing locks in new sourcing habits and accelerates renewables and domestic production. By year ten China enjoys markedly improved energy security with far less exposure to any single chokepoint. The crisis ultimately serves as an expensive but effective catalyst for diversification but shines a light on Chinese dependency on US rendering any multipolar aspirations null, China isn't a pole probably never was if it can't survive without IRGC cheap oil paid with the blood of Iranians.
The United States stands as the unambiguous winner across all horizons. Export revenues boom in the first year as shale producers respond to sustained high prices.
Over five and ten years America solidifies its role as the reliable Atlantic basin supplier to Asian demand. Strategic leverage deepens without proportional domestic pain.
Arab states astride the Persian Gulf also gain by converting crisis into durable infrastructure and expanded market access.
In strategic terms the IRGC executed a classic use it or lose it blunder. By weaponizing the eastern hostage it compelled the very adaptations that render the hostage irrelevant. Global energy flows have begun a permanent eastward rerouting that favors flexible producers over vulnerable chokepoint holders.
The 2026 crisis therefore accelerates the long term isolation of Iran. It diminishes the regime's economic shield permanently and hastens the internal collapse dynamics already evident before the conflict.
What began as a tactical gambit to survive immediate pressure has instead locked in decades of strategic decline. The geography of oil trade the scale of United States export capacity and the self interest of Asian importers have combined to ensure that the IRGC traded its last "card" for time it didn't get and burned what it could not afford to waste relevance and economic potential to climb out of the grave it dug itself.
The Hormuz closure wasn't a surprise to any serious person, one might argue Trump turned what the enemy believed to be a leverage to a ticking time bomb trap the IRGC just walked into.
IRGC was never the end goal, China is.
US President Donald Trump said on Friday the maritime blockade would be lifted only once an agreement with Iran is signed.
“When the agreement is signed, the blockade ends. Soon as the agreement gets signed, that's when the blockade ends,” Trump told reporters in Arizona.
Iranian lawmaker Ebrahim Azizi said on Friday ships passing through the Strait of Hormuz must comply with a new maritime system set by the Islamic Republic.
“It is time to comply with the new maritime system of the Strait of Hormuz; this system is determined by the Islamic Republic of Iran, not social media posts,” he said in a post on X.
US crude oil prices dropped sharply on Friday, closing at their lowest level since March 10 after Iran said it would reopen the Strait of Hormuz to commercial shipping, according to CBS News.
US crude settled down 11.45% at $83.85 per barrel, marking the second-largest one-day decline since the war began.
Despite the drop, US oil remains up about 25% since Feb. 28 and roughly 45% since the start of the year.