White House Says Strait of Hormuz Fully Open as Hyperliquid Oil Futures Draw Attention

The Strait of Hormuz is a critical shipping route for oil and gas exports from the Persian Gulf. The U.S.-Iran conflict and a maritime blockade had threatened merchant shipping and energy supplies. The resumption of traffic could reduce the risk of transport disruptions, while Hyperliquid's onchain crude oil futures have emerged as an important gauge of market expectations for supply and demand as well as speculative sentiment.

The White House announced that the Strait of Hormuz was fully open to commercial traffic, with Iranian Foreign Minister Abbas Araghchi subsequently confirming that merchant vessels could pass freely. The first LNG carrier since the U.S.-Iran conflict has also transited safely. The U.S. maritime military blockade of Iran will remain in place until negotiations are completed, while Polymarket put the probability of shipping traffic returning to normal by the end of May at 73%.