US-Iran interim deal eases Hormuz, moves oil

The United States and Iran have entered an interim memorandum of understanding that U.S. officials said took effect on June 17, 2026, with the stated goal of ending the war and restoring commercial traffic through the Strait of Hormuz. The document sets out a 60‑day period of toll-free passage in the strait and starts a 60‑day window for broader negotiations on sanctions and Iran’s nuclear program.

Under the terms described by U.S. officials, the United States will grant licenses, waivers and permissions necessary for related financial transactions, while the timing and structure of full sanctions termination are to be handled in a final agreement. The memorandum is framed as an initial step rather than a comprehensive settlement, with implementation and follow‑on talks expected to shape its eventual impact.

The MOU assigns specific operational responsibilities to Iran in and around the Strait of Hormuz. Iran is required to make arrangements, using its best efforts, to ensure the safe passage of commercial vessels and to remove technical and military obstacles within a 30‑day period.

The agreement also calls for demining activities to be carried out within those 30 days to support a broader reopening of the waterway. In addition, Iran is expected to engage in talks with Oman and other Gulf littoral states on how the strait will be administered in the future, signaling a role for regional consultation in the strait’s governance.

Shipping data indicate that oil flows are already responding to the new framework. Two National Iranian Tanker Company supertankers, the Diona and the Hero II, have crossed the U.S. blockade carrying a combined total of about 3.8 million barrels of crude oil.

These transits represent some of the first large-scale crude movements through the previously restricted area since the agreement took effect. They provide an early indication that commercial participants are beginning to test the new conditions in the strait as de‑escalation proceeds.

Energy and precious metals markets adjusted quickly to the easing of tensions and prospects for additional supply. In early trading on June 18, Brent crude futures (UKOIL) fell about $0.89 to $78.66 a barrel, while U.S. West Texas Intermediate (USOIL) declined about $0.98 to $75.81.

Gold prices rose more than 1% as lower oil prices reduced immediate concerns about inflation and future interest-rate increases. The simultaneous decline in crude benchmarks and rise in gold illustrates a market response that prices in both increased seaborne oil availability and a moderation of geopolitical risk, while still reflecting a degree of caution among investors.