The Gambia-flagged tanker vessel Bili is anchored in the Strait of Hormuz off Bandar Abbas in southern Iran on May 2, 2026. Iran’s Revolutionary Guards on May 4 denied that any commercial ships had crossed the Strait of Hormuz. Amirhossein KhorgooeI/ISNA/AFP via Getty Images
Commentary
The situation in Iran changes almost daily. Although the Trump administration continues to say peace negotiations are progressing, a definitive agreement keeps getting postponed. Furthermore, the fact that the U.S. had to strike missile and drone targets in Southern Iran demonstrates how difficult negotiations have become. The strongest negotiating point the U.S. has is the clear fact that Iran does not want to cap their oil wells, since they would take months to restart.
