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According to the Financial Times (1), the straight is "open" but Iran is extorting fees for passing ships.
> "Iran will demand that shipping companies pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz, as it seeks to retain control over passage through the key waterway during the two-week ceasefire."
If they really will start doing so for all shipping, that would be odd since the straight itself is in Oman's territorial waters. Even so, the UNCLOS convention (2) requires free transit:
> Article 44
> Duties of States bordering straits
>
> States bordering straits shall not hamper transit passage and shall give appropriate publicity to any danger to navigation or overflight within or over the strait of which they have knowledge. There shall be no suspension of transit passage.
It would be unprecedented and unlawful, but I guess previous actions of Israel, the US and Iran have shown our world is beyond adhering to laws and agreements now.
(1) https://www.ft.com/content/02aefac4-ea62-48db-9326-c0da373b1...
(2) United Nations Convention on Law of the Sea: https://www.un.org/depts/los/convention_agreements/texts/unc...