US and Iran Agree on Strait of Hormuz Rules; Oil Markets Respond

The United States and Iran reached a June 2026 accord governing the Strait of Hormuz, through which a fifth of global oil trade flows. Oil prices fell sharply on the news. While full terms stay confidential, both nations signaled that maritime security mattered enough to narrow their engagement—even amid proxy fights and nuclear disagreements. A rare point of stability in volatile waters.