The U.S. military began blockading Iranian ports in mid-April 2026 amid the ongoing conflict that started in February, but oil prices fell because markets believed peace talks could resume soon. This matters because the blockade affects global oil supply through the Strait of Hormuz — one of the world's critical shipping chokepoints — but uncertainty about when talks might succeed is keeping prices below levels seen during the initial conflict escalation. The blockade contradicts the dialogue narrative somewhat; Trump claimed talks could resume within days even as Washington tightened military pressure.