The fragile U.S.-Iran ceasefire, crucial for reopening the Strait of Hormuz, is on the verge of collapse, threatening global energy markets. President Donald Trump declared the Memorandum of Understanding (MOU) "over" following renewed strikes, reimposing sanctions on Iran.

Even if the agreement had held, restoring normal traffic through the waterway, which handles 20 percent of the world's oil and LNG, faced significant obstacles. These included potential transit fees or charges imposed by Iran, the lingering threat of sea mines, and billions in infrastructure damage.

Iran has signaled an intent to profit from controlling the strait, potentially generating up to $40 billion annually. This posturing, coupled with ongoing aggression and regional mistrust, complicates any genuine recovery of energy markets after 100 days of disruption.