US–Iran deal begins to reopen Hormuz

U.S. and Iranian leaders signed a memorandum of understanding in mid-June that took immediate effect, extending an existing ceasefire and starting a 60-day negotiation period aimed at reaching a final settlement. A central element of the accord is a commitment to reopen the Strait of Hormuz, a key energy and shipping corridor that had been severely disrupted by conflict and a U.S. naval blockade.

The text of the memorandum includes language providing for the full resumption of maritime traffic "with no charge." The agreement is structured as an interim framework, with implementation during the 60-day window expected to shape the conditions under which a longer-term arrangement may be reached.

Maritime tracking data showed that vessel traffic through the Strait resumed shortly after the deal took effect. One tracking firm recorded six verified crossings on Wednesday and another 11 on Thursday following the signing. Reports also noted that vessels, including supertankers, began transiting the Strait within hours of the memorandum being signed.

Among the early crossings, an Italian merchant ship owned by the Grimaldi Group was identified as one of the first commercial vessels to pass through the Strait after the agreement. Additional reporting highlighted that several Saudi-flagged supertankers sailed through the waterway on June 18, underscoring renewed but still cautious use of the route.

Despite the resumption of some traffic, industry bodies and maritime experts cautioned that the Strait remains far from fully open in operational terms. The main central route, which is the most direct and established shipping lane, was described as hazardous and partially closed because of mines and other obstructions laid during the conflict.

Estimates cited around 80 mines in the centre of the Strait that must be detected and cleared before normal shipping patterns can safely resume. Maritime associations warned that, until mine-clearance operations are completed, shipowners and operators are likely to favor alternative paths or reduced traffic, limiting the speed at which flows recover.

Commodity and financial markets responded quickly to the mid-June developments. On June 18, oil prices fell and global equity benchmarks moved higher as traders priced in reduced geopolitical and supply risk linked to the reopening of Hormuz. Crude benchmarks touched their lowest levels since early March, with Brent trading below $80 per barrel during the session.

Analysts and industry participants indicated that, even with the agreement in place and initial ship movements observed, it could take weeks or months for oil exports and broader trade flows through the Strait to return to pre-conflict levels. The combination of residual security risks, mine-clearance work and operational adjustments is expected to determine how fast shipping capacity normalizes.

While the memorandum refers to a full resumption of maritime traffic with no charge, subsequent statements from Iranian negotiators signalled that Tehran views the Strait as remaining under its sovereignty. Officials indicated that conditions after the 60-day period, including any potential charges for transit, would be determined in the course of negotiations.

This divergence between the toll-free language in the memorandum and later comments about future charges adds an element of uncertainty to longer-term shipping costs and routing decisions. For now, the focus of shipowners and energy markets remains on the immediate reopening, the pace of mine clearance and the extent to which the tentative détente between the U.S. and Iran holds during the 60-day negotiation window.