With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war.

On Sunday, President Donald Trump announced "Project Freedom," a way for the U.S. to "guide" ships to exit the strait. Two ships made the transit, but by Tuesday Trump abruptly paused the effort to allow time for a deal to end the war.