A Key Oil Route Just Reopened—But Shipping Hasn't Truly Returned

The U.S. and Iran ended their dispute on June 15, reopening a vital shipping channel through the Gulf. Three Iranian oil tankers got through on June 17. That sounds good, but it's just a test. Markets need to see roughly 140 ships passing daily, like before the closure. As of late June, that hasn't happened. Shipping delays and insurance costs remain unsettled.