U.S. and Iran Open Strait of Hormuz to Free Oil Transit for 60 Days

On June 17, 2026, the U.S. and Iran signed an agreement allowing unrestricted civilian vessel passage through the Strait of Hormuz at no charge for 60 days. The waterway handles roughly 20 percent of global oil trade. Iran also accepted Treasury waivers on crude exports, lifting sanctions that had constrained Iranian revenues. The 60-day window functions as a confidence-building measure; a durable settlement remains unresolved.